SB291 Alabama 2010 Session

Summary

Primary Sponsor

Hank Sanders

Democrat

Session

Regular Session 2010

Title

Hope Unity Fund, Inc., appropriation

Summary

SB291 would appropriate 1 million dollars from the General Fund to the Hope Unity Fund, Inc. for 2010 to support its operations and a set of community development programs.

What This Bill Does

It would provide 1,000,000 dollars from the General Fund to the Hope Unity Fund, Inc. for the 2010 fiscal year to support core operating costs and activities such as research, advocacy, training, capacity building, and technical assistance for community development corporations and credit unions, plus support for entrepreneurial efforts in distressed areas. It would allocate 400,000 dollars to leverage federal investment through the CDFI Fund to capitalize the fund's Community Development Fund and provide needed technical assistance. It would also allocate 150,000 dollars for operating grants and capital investments in the state's community development credit unions, and 300,000 dollars for investments in new and emerging community development corporations to fund housing, business development, economic growth, and building human capital in low-wealth communities, with the measure becoming effective immediately after passage and governor approval.

Who It Affects

• Hope Unity Fund, Inc. would receive and manage a 1,000,000 dollar General Fund appropriation for FY2010 to fund its operations and programs.
• Community development organizations and credit unions in Alabama, along with the low-wealth communities they serve, would benefit from the funding for operating costs, capital investments, housing development, and economic development activities.

Key Provisions

• Section 1(a) appropriates 1,000,000 dollars from the General Fund to Hope Unity Fund, Inc. for the fiscal year ending September 1, 2010, with allocations: 150,000 dollars for core operating expenses and related activities; 400,000 dollars to leverage federal investment through the CDFI Fund to capitalize the Hope Unity Fund's Community Development Fund and provide technical assistance.
• It allocates 150,000 dollars for the Community Development Credit Unions Investment Fund to provide operating grants and capital investments in the state's network of CDCUs, including deposits and secondary or other required capital investments.
• It allocates 300,000 dollars for investments in new and emerging community development corporations to fund operating activities and activities such as affordable housing, nonprofit and for-profit development, economic development, and building human capital in low-wealth communities.
• Section 2 provides that the act becomes effective immediately after its passage and approval by the Governor.

AI-generated summary using openai/gpt-5-nano on Feb 25, 2026. May contain errors — refer to the official bill text for accuracy.

Subjects

Appropriations