As used in this article, the following terms shall have the following meanings: (a) âArea median incomeâ (AMI) means either of the following: (1) The median family income for the metropolitan statistical area (MSA), if a person or geography is located in an MSA, or for the metropolitan division, if a person or geography is located in an MSA that has been subdivided into metropolitan divisions. (2) The statewide nonmetropolitan median family income, if a person or geography is located outside an MSA. (b) âCommunity development investmentâ means an investment where all or a portion of the investment has as its primary purpose community development for, or that directly benefits, California underserved or low-to-moderate-income individuals, families, or communities. âCommunity development investmentâ includes, but is not limited to, investments in California in the following: (1) Affordable housing, including multifamily rental and ownership housing, for underserved or low-to-moderate-income individuals or families. (2) Community facilities or community services providers (including providers of education, health, or social services) directly benefiting underserved or low-to-moderate-income individuals, families, or communities. (3) Economic development that demonstrates benefits, including, but not limited to, job creation, retention, or improvement, or provision of needed capital, to underserved or low-to-moderate-income individuals, families, or communities, including urban or rural communities, or businesses or nonprofit community service organizations that serve these communities. (4) Activities that revitalize or stabilize underserved or low-to-moderate-income communities. (5) Investments in or through California Organized Investment Network (COIN)-certified community development financial institutions (CDFIs) and investments made pursuant to the requirements of federal, state, or local community development investment programs or community development investment tax incentive programs, if these investments directly benefit underserved or low-to-moderate-income individuals, families, and communities and are consistent with this article. (6) Community development infrastructure investments. (7) Investments in a commercial property or properties located in underserved or low-to-moderate-income geographical areas and are consistent with this article. (8) Investments in reservation-based communities. âReservation-basedâ means an area of land managed by a Native American tribe under the jurisdiction of the federal Bureau of Indian Affairs, provided that the tribe is named on the most current list of âIndian Entities Recognized and Eligible to Receive Services From the Bureau of Indian Affairs,â or successor document, as published in the Federal Register by the Bureau of Indian Affairs. (9) Investments in rural areas. âRural areaâ means any open country or any place, town, village, or city that, by itself and taken together with any other places, towns, villages, or cities that it is part of or associated with, has either a population not exceeding 10,000 persons or has a population not exceeding 50,000 persons and is contained within a nonmetropolitan area. âRural areaâ also means any open country, place, town, village, or city located within a standard MSA if the population of that area does not exceed 50,000 persons, the area is not part of, or associated with, an urban area, and the area is rural in character. (c) âCommunity development infrastructureâ means California debt, including all debt issued by the State of California or a California state or local government agency, if all or a portion of the debt has as its primary purpose community development for, or that directly benefits, underserved or low-to-moderate-income communities and is consistent with subdivision (b). (d) âDiverse investment managersâ means investment management organizations, including corporations, groups, and pers
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