S.1565 - National Opportunity and Community Renewal Act

A bill to establish the National Competition for Community Renewal to encourage communities to adopt innovative strategies and design principles to programs related to poverty prevention, recovery and response, and for other purposes. view all titles (2)

All Bill Titles

  • Official: A bill to establish the National Competition for Community Renewal to encourage communities to adopt innovative strategies and design principles to programs related to poverty prevention, recovery and response, and for other purposes. as introduced.
  • Short: National Opportunity and Community Renewal Act as introduced.

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Introduced
 
Senate
Passes
 
House
Passes
 
President
Signs
 

 
09/15/11
 
 
 
 
 
 
 

Official Summary

National Opportunity and Community Renewal Act - Establishes a bipartisan, independent National Opportunity Board (NOB) to administer the National Competition for Community Renewal. Requires the NOB to: (1) establish an Office of Ombudsman to receive and render assistance with respect to in

Official Summary

National Opportunity and Community Renewal Act - Establishes a bipartisan, independent National Opportunity Board (NOB) to administer the National Competition for Community Renewal. Requires the NOB to:
(1) establish an Office of Ombudsman to receive and render assistance with respect to individual complaints, grievances, and requests for information about any program or requirement under this Act; and
(2) develop model grievance procedures that may be implemented by the Local Opportunity Boards (LOBs). Requires the chief elected official of an eligible area, to be eligible to receive assistance, waivers, and tax incentives under this Act, to establish an LOB to submit to the NOB a detailed Local Opportunity Plan for spending any funds approved under the National Competition. Directs the NOB to develop guidelines for establishment of a five-year National Competition for Community Renewal for the award of qualified area status, assistance, targeted waivers, and targeted tax incentives. Requires the LOB for a qualified area to establish a local opportunity fund. Limits the use of assistance from such a fund to specified poverty prevention activities. Requires the NOB to develop guidelines for establishment of individual opportunity plans consisting of:
(1) an assessment of an individual's unique strengths and needs and identification of services appropriate to meet such needs, and
(2) a written individualized opportunity plan developed by a multidisciplinary team. Requires each LOB to implement a method to calculate the present dollar value of the total federal and state funds saved by the LOB (community renewal savings) for individuals successfully assisted through its Local Opportunity Plan. Requires allocation of community renewal savings for public deficit reduction, certain community tax incentives, and funding and expansion of programs and services. Allows a current business federal income tax credit under the Internal Revenue Code of $3,000 with respect to each retained worker, meeting certain criteria, who is employed by a qualified opportunity employer. Allows during the program period:
(1) an unrelated business deduction from taxable income of 25% for any community renewal expenditure,
(2) a charitable deduction of 120% of any qualified community renewal contribution,
(3) a high school graduation tax credit of $500, and
(4) treatment of a qualified area under this Act as a low-income community for new markets tax credit and earned income tax credit purposes. Increases the charitable contribution deduction limitation. Authorizes the NOB, acting through the LOBs, to act on behalf of the Secretary of the Treasury to issue and sell community renewal bonds in face value increments of $100 up to a maximum amount of $50 million, with a coupon rate of 25%, to assist the financing of Local Opportunity Plans. Makes it unlawful for any person to:
(1) claim a community renewal incentive who does not meet specified requirements, and
(2) use funds appropriated under this Act for any purpose for which they were not authorized. Authorizes the NOB to establish:
(1) a program to award competitive $5 million grants for development of a client advocacy and consumer services technology platform, and
(2) a separate program to award competitive $5 million grants for development of a social services evaluation method. Requires the NOB to ensure that the community renewal savings realized under this Act exceed the appropriations authorized in this Act. (Thus requires a deficit neutral effect on such appropriations.)

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