Community Investment Corporation Development Commission; created, report. (HB2117)

Introduced By

Del. Bob Marshall (R-Manassas)

Progress

√
 Introduced
X
 Passed Committee
☐
 Passed House
☐
 Passed Senate
☐
 Signed by Governor
☐
 Became Law

Description

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. Amends § 2.2-2530, of the Code of Virginia. View Full Text »

Outcome

Bill Has Failed

History

  • 01/08/2007 Committee
  • 01/08/2007 Prefiled and ordered printed; offered 01/10/07 071541396
  • 01/08/2007 Referred to Committee on Counties, Cities and Towns
  • 01/22/2007 Assigned CC & T sub: #1 (Marshall. R.G.)
  • 01/24/2007 Impact statement from DPB (HB2117)
  • 01/26/2007 Tabled in Counties, Cities and Towns