Substituted for: House Bill No. 1286

AN ACT To amend Tennessee Code Annotated, Title 13, Chapter 14, Part 2, relative to community-based development organizations.

BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF TENNESSEE:

SECTION 1. Tennessee Code Annotated, Title 13, Chapter 14, Part 2, is amended by adding the following language as a new, appropriately designated section:

Section ___. Any grant program authorized under this part to support the creation and expansion of economic development efforts by community-based organizations shall authorize the community-based development organization to utilize up to five percent (5%) of the funds for accounting expenses associated with the grant program, not to exceed twenty thousand dollars ($20,000).

SECTION 2. This act shall take effect upon becoming a law, the public welfare requiring it.