Recognizing the importance of community development corporations (CDCs).

Declares that the House of Representatives: (1) recognizes the importance of promoting community development corporations in communities across the United States; (2) acknowledges the contributions community development corporations have made in providing affordable housing, employment, and educational opportunities for community residents; and (3) recognizes the need for the federal government to provide financial assistance to community development corporations to support their continued efforts in economic development, affordable housing production, and job creation in communities having such needs, particularly after Hurricanes Katrina and Rita.

[Congressional Bills 110th Congress]
[From the U.S. Government Printing Office]
[H. Res. 71 Introduced in House (IH)]







110th CONGRESS
  1st Session
H. RES. 71

   Recognizing the importance of community development corporations 
                                (CDCs).


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                            January 17, 2007

   Mrs. Jones of Ohio submitted the following resolution; which was 
referred to the Committee on Financial Services, and in addition to the 
   Committee on Education and Labor, for a period to be subsequently 
   determined by the Speaker, in each case for consideration of such 
 provisions as fall within the jurisdiction of the committee concerned

_______________________________________________________________________

                               RESOLUTION


 
   Recognizing the importance of community development corporations 
                                (CDCs).

Whereas community development corporations (known as CDCs) are nonprofit 
        community organizations formed and controlled by residents, small 
        business owners, and leaders in the community;
Whereas CDCs were first created in the late 1960s in response to the 
        deterioration of inner cities due to suburbanization and the loss of 
        industrial jobs;
Whereas CDCs are created for the purpose of revitalizing inner cities and 
        neighborhoods by providing a range of services to stimulate economic 
        development and growth in local communities;
Whereas through 2005 CDCs have provided $1,500,000,000 in financing for 
        commercial and industrial development projects;
Whereas CDCs are involved in workforce development by providing job training and 
        support and creating employment opportunities for community residents;
Whereas CDCs offer social services and enrichment programs for community 
        residents, including child care, education programs, skills training, 
        counseling, and health care services;
Whereas a CDC can respond more quickly to the needs of its community than the 
        local government, which must allocate resources to all communities 
        within its jurisdiction;
Whereas CDCs often serve as intermediaries between communities and local 
        governments and mobilize communities to improve;
Whereas 4,600 CDCs have been created since 1994, and the number of CDCs 
        increased by 3 percent in 2006;
Whereas CDCs are a leading force in micro-lending as a means to fight poverty, 
        create jobs, and enhance business development, providing over 116,000 
        loans totaling $1,500,000,000 in 2005; and
Whereas CDCs are estimated to have established 774,000 private sector jobs and 
        developed 1,250,000 affordable housing dwelling units through 2005: Now, 
        therefore, be it
    Resolved,  That the House of Representatives--
            (1) recognizes the importance of promoting community 
        development corporations in communities across the United 
        States;
            (2) acknowledges the contributions community development 
        corporations have made in providing affordable housing, 
        employment, and educational opportunities for community 
        residents; and
            (3) recognizes the need for the Federal Government to 
        provide financial assistance to community development 
        corporations to support their continued efforts in economic 
        development, affordable housing production, and job creation in 
        communities having such needs, particularly after Hurricanes 
        Katrina and Rita.
                                 <all>