SEARCH SITE

VIRGINIA LAW PORTAL

SEARCHABLE DATABASES

ACROSS SESSIONS

Developed and maintained by the Division of Legislative Automated Systems.

2007 SESSION

  • | print version

HB 2117 Community Investment Corporation Development Commission; created, report.

Introduced by: Robert G. Marshall | all patrons    ...    notes | add to my profiles

SUMMARY AS INTRODUCED:

Community Investment Corporation Development Act.  Provides for the creation of community investment corporations as a for-profit, citizen-owned managed real estate planning and development corporation. Such corporations may (i) receive title to land, natural resources, or physical infrastructure donated by a not-for-profit organization or government entity, (ii) borrow money on behalf of its shareholders, who are the registered voters in a local or regional area, to purchase land, plan its use, and develop the land for productive purposes, and (iii) enable the citizen-shareholders to gain a definable ownership interest in local real estate, share in appreciated land values and profit from the lease and sale of real estate. The bill also creates the Community Investment Corporation Development Commission to assist state and local entities regarding the development and use of community investment corporations and the Community Investment Corporation Fund to support the development and maintenance of community investment corporations.


FULL TEXT

HISTORY