1. (a) The General Assembly finds that:

   1. (1) some communities and neighborhoods in the State are in economic and social distress because of a shortage of significant private investment;
   2. (2) financial institutions in the State are recognizing a heightened responsibility to provide financial assistance to these communities and neighborhoods; and
   3. (3) federal and State regulators are requiring more community reinvestment by these financial institutions.

2. (b) The General Assembly therefore finds that the public interest is served by promoting the development of a financial vehicle to be operated by private financial institutions to:

   1. (1) increase community reinvestment to neighborhoods and communities in the State that have urgent need for reinvestment;
   2. (2) make community reinvestment by financial institutions easier and more desirable by spreading the financial risk and offering the experience of the State in providing community reinvestment lending; and
   3. (3) forge partnerships among financial institutions and the State in meeting community reinvestment goals.

Added by Acts 2005, c. 26, § 2, eff. Oct. 1, 2005.