(1) Creation of Commission. The Philadelphia Community Reinvestment Commission is hereby created as an agency in the City of Philadelphia. The Commission shall be composed of fifteen (15) members who shall serve without compensation, and its functions shall be to plan and implement community reinvestment strategies for the City of Philadelphia. The Commission shall review community reinvestment strategies including, but not limited to, strategies for leveraging private investment from city depositories, Community Development Block Grant spending, land reuse plans, and the creation of the Philadelphia Community Development Financial Institution (CDFI) Fund.
(2) Composition of Commission. The following persons shall be appointed as members of The Philadelphia Community Reinvestment Commission:
(a) The President of City Council or his/her designee;
(b) The Chair of City Council's Committee on Finance or his/her designee;
(c) The Chair of City Council's Committee on Appropriations or his/her designee;
(d) The City's Director of Finance or his/her designee;
(e) The Director of the City's Office of Housing and Community Development or his/her designee;
(f) The Director of the City's Redevelopment Authority or his/her designee;
(g) The Presidents of the six (6) City depositories with the largest share of the city's small business lending market in low- and moderate-income areas (First Union National; PNC Bank, N.A.; Mellon Bank; Sovereign Bank; Commerce Bank/ Pennsylvania, N.A.; and, Summit Bank) or their designees;
(h) The President of the National Community Capital Association or his/her designee representing the city's CDFIs;
(i) The Executive Director of the Philadelphia Association of Community Development Corporations or his/her designee representing the city's community development corporations;
(j) The Executive Director of the Greater Philadelphia Urban Affairs Coalition or his/her designee.
In the event that any named organization shall decline to name a representative or be unable to do so, the Mayor shall designate with the approval of the City Council a successor organization of generally similar character, which shall thereupon be entitled to select a member for appointment to the Commission.
(3) Commission Officers. The Commission shall be co-chaired by the City's Director of Finance and the President of a City depository bank selected by the members of the Commission. Other officers may be selected as deemed appropriate from among the members themselves. Officers shall serve for two years and shall have such duties as the Commission may from time to time designate.
(4) Targeted Investments in Women's Business Development Finance. 21 The Commission shall target no less than fifty-one percent (51%) of the Philadelphia Community Development Financial Institution Fund for small business capital investments; and no less than fifty-one percent (51%) of small business capital investments for women's business development finance.
Notes
| 20 | Added, Bill No. 000546 (approved December 7, 2000). |
| 21 | Added, Bill No. 020256 (approved September 12, 2002). |