110 HRES 71 IH: Recognizing the importance of community U.S. House of Representatives 2007-01-17 text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain.

IV 110th CONGRESS 1st Session H. RES. 71 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

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.