§ 16-o. The community development financial institutions program. 1.\nLegislative intent. The legislature hereby finds that credit, banking\nservices, and investment capital are vital to the revitalization of\ncommunities and neighborhoods throughout the state. The legislature\nfurther finds that many communities with the greatest potential for\ngrowth and the greatest need for jobs and investment lack access to the\nservices and capital of traditional banking and lending institutions.\nThe legislature further finds that access to banking services and\ncapital can be improved through a growing network of alternative\nfinancial service providers known as community development financial\ninstitutions, hereafter referred to as CDFIs. The legislature finds that\nCDFIs are currently providing effective lending and financial services\nand fulfill a vital role in meeting the needs of New York state's low\nand moderate income communities.\n The legislature finds that the continued growth of CDFIs requires an\nestablished support structure in order to build capacity in these\ninstitutions. The legislature further finds that creation of a statewide\nCDFI fund will strengthen these institutions, allowing them to expand\ntheir mission of addressing the credit and banking needs of low and\nmoderate income communities in New York state.\n 2. Definitions. As used in this section, the following terms shall\nhave the meanings indicated:\n (a) "Community Development Financial Institution" or "CDFI" means an\norganization located in this state which has been certified as a\ncommunity development financial institution by the federal community\ndevelopment financial institutions fund, as established pursuant to 12\nU.S.C. 4701 et seq.\n (b) "Fund" means the community development financial institutions fund\nas established by subdivision three of this section.\n (c) "Investment area" means a geographic area that:\n (i) is economically distressed as defined in section sixteen-d of this\nact; and\n (ii) has significant unmet needs for loans or encompasses or is\nlocated in a federally designated empowerment zone or enterprise\ncommunity as established pursuant to title XIII of the federal Omnibus\nBudget Reconciliation Act of 1993 (Pub.L. 103-66) or a designated empire\nzone as defined pursuant to article eighteen-B of the general municipal\nlaw.\n (d) "Low income" means having an income, adjusted for family size, of\nnot more than:\n (i) for metropolitan areas, eighty percent of the area median income;\nand\n (ii) for non-metropolitan areas, the greater of eighty percent of the\narea median income or eighty percent of the statewide non-metropolitan\narea median income.\n (e) "Targeted population" means individuals or an identifiable group\nof individuals who are low income persons or otherwise lack adequate\naccess to loans.\n 3. Establishment and purposes. The corporation shall establish a fund\nto be known as the "community development financial institutions fund"\nand shall pay into such fund any monies made available to the\ncorporation for such fund from any source. The monies held in or\ncredited to the fund shall be expended solely for the purposes set forth\nin this section. The corporation shall not transfer the monies of such\nfund to any other fund or monies of the corporation or any monies held\nin trust by the corporation. The corporation is authorized, subject to\navailable funding, including, but not limited to, available\nappropriations, to provide financial and technical assistance to\ncommunity development financial institutions that make loans and provide\ndevelopment services to specific investment areas or targeted\npopulations.\n 4. Applications for assistance. An application for assistance shall be\nsubmitted in such form and in accordance with such procedures as the\ncorporation shall establish. Applications submitted to the fund may\ninclude but not be limited to:\n (a) A business plan;\n (b) An analysis of th
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