Summary: S.2936 — 106th Congress (1999-2000)All Information (Except Text)

There is one summary for S.2936. Bill summaries are authored by CRS.

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Introduced in Senate (07/26/2000)

Creating New Markets and Empowering America Act of 2000 - Title I: New Markets Tax Credit - Amends the Internal Revenue Code (the Code) to provide a limited new markets tax credit for taxpayers holding a qualified equitable investment for amounts paid to a qualified community development entity for authorized investments.

Title II: America's Private Investment Companies - Authorizes the Secretary of Housing and Urban Development to license America's Private Investment Companies (for-profit investment entities qualifying as community development entities).

Title III: Community Development and Venture Capital- Subtitle A: New Markets Venture Capital Program - Amends the Small Business Investment Act of 1958 to establish a New Markets Venture Capital Program under which the Administrator of the Small Business Administration (SBA) is authorized to make grants to new market venture capital companies (NMVCs) and specialized small business investment companies and to guarantee debentures issued by NMVCs.

Subtitle B: Community Development Venture Capital Assistance - Authorizes the SBA Administrator to: (1) contract with one or more community development organizations to carry out training and research activities for individuals in community development venture capital organizations (privately-controlled organizations which promote community development in low-income communities through investment in private businesses); and (2) make grants to community development organizations for the cost of such training and research activities and to intermediary organizations to provide intense marketing, management, and technical assistance and training to community development venture capital organizations.

Subtitle C: Business LINC - Authorizes the Administrator to make grants to, and enter into cooperative agreements with, any coalition of private or public sector participants that: (1) expand business-to-business relationships between large and small businesses; and (2) provide businesses with information about companies interested in mentor-protegee programs or community-based, Statewide, or local business development programs.

Title IV: Expansion and Extension of Empowerment Zone Tax Incentives - Provides for the designation of additional empowerment zones and increased empowerment zone tax incentives.

Title V: American Community Renewal - Amends the Code to authorize the Secretary of Housing and Urban Development to designate (upon local or State nomination) up to 40 renewal communities (based on degree of poverty), of which at least 20 percent shall be in rural areas.

Title VI: Homeownership and Revitalization - Revises the low-income housing credit. Establishes a home ownership tax credit which shall be allocated, through State housing finance agencies, to qualified lenders making qualified home ownership loans to certain low-income households. Establishes a credit for renovating historic homes.

Amends the Departments of Veterans Affairs and Housing and Urban Development, and Independent Agencies Appropriations Act, 1997 to direct the Secretary to transfer ownership of qualified HUD-held properties (substandard or unoccupied multifamily or unoccupied single family properties) to local governments and community development corporations under specified conditions.

Title VII: Trade-Affected Communities Relief - Authorizes a trade-affected community, a group of such communities, or the Governor of a State on behalf of such communities to petition the Secretary of Commerce for eligibility certification for community-based economic development assistance.

Title VIII: Delta Regional Authority - Amends the Consolidated Farm and Rural Development Act to establish the Delta Regional Authority to: (1) develop comprehensive and coordinated plans and programs, establish priorities, and approve grants for the economic development of the Mississippi Delta region (parts of Arkansas, Illinois, Kentucky, Louisiana, Mississippi, Missouri, and Tennessee surrounding such Delta); (2) provide for research, demonstration, investigation, assessment and evaluation of such region's assets and needs; (3) encourage the formation and capacity of local development districts and private investment in industrial, commercial, and other economic development projects; and (4) provide a forum for the consideration of problems and possible solutions of the region.

Title IX: Federal Grant Program Participation Expansion - Directs The Substance Abuse and Mental Health Services Administration in the Department of Health and Human Services to ensure an equal opportunity for religious and other community organizations to provide assistance under the programs administered by such Administration by providing information and contact for such programs to such organizations in a manner similar to that developed by the Office of Community Faith-Based Organizations in the Department of Housing and Urban Development.

Title X: New Millennium Classrooms - Establishes a limited credit for the donation of computers to schools, senior centers, public libraries, and other training centers located in a renewal community, empowerment zone or enterprise community, Indian reservation, or defined low-income community.