Page:United States Statutes at Large Volume 95.djvu/516

 95 STAT. 490

PUBLIC LAW 97-35—AUG. 13, 1981 this subchapter referred to as the "Secretary"). Such members shall be representative of the investment and business communities and appropriate fields of endeavor related to this subchapter. The Investment Board shall meet at the call of the chairperson, but not less often than 3 times each year. The Secretary and the administrator of community economic development programs shall be ex officio members of the Investment Board. (2) The Secretary shall carry out the provisions of this subchapter through the Office of Community Services established in section 676(a). (b) The Investment Board shall promote cooperation between private investors and businesses and community development corporation projects through— (1) advising the Secretary and the community development corporations on ways to facilitate private investment; (2) advising businesses and other investors of opportunities in community development corporation projects; and (3) advising the Secretary, community development corporations, and private investors and businesses of ways in which they might engage in mutually beneficial efforts. (c) The governing body of each Community Development Corporation may establish an advisory community investment board composed of not to exceed 15 members who shall be appointed by the governing body after consultation with appropriate local officials. Each such board shall promote cooperation between private investors and businesses and the governing body of the Community Development Corporation through— (1) advising the governing body on ways to facilitate private investors; (2) advising businesses and other investors of opportunities in Community Development Corporation projects; and (3) advising the governing body, private investors, and businesses of ways in which they might engage in mutually beneficial efforts. PART 1—URBAN AND RURAL SPECL^L IMPACT PROGRAMS STATEMENT OF PURPOSE

42 USC 9805.

SEC. 616. The purpose of this part is to establish special programs of assistance to nonprofit private locally initiated community development corporations which (1) are directed to the solution of the critical problems existing in particular communities or neighborhoods (defined without regard to political or other subdivisions or boundaries) within those urban and rural areas having concentrations or substantial numbers of low-income persons; (2) are of sufficient size, scope, and duration to have an appreciable impact in such communities, neighborhoods, and rural areas in arresting tendencies toward dependency, chronic unemployment, and community deterioration; (3) hold forth the prospect of continuing to have such impact after the termination of financial assistance under this part; and (4) provide financial and other assistance to start, expand, or locate enterprises in or near the area to be served so as to provide employment and ownership opportunities for residents of such areas, including those who are disadvantaged in the labor market because of their limited speaking, reading, and writing abilities in the English language.

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