(b) MEMBERSHIP.—The Advisory Council shall con-
sist of not less than 19 members, appointed by the Sec-
retary, as follows:
(1) EX
OFFICIO
MEMBERS.—The following
members, who shall serve as nonvoting members:
(A) The Secretary of Housing and Urban
Development, or the designee of such Secretary.
(B) The Secretary of Health and Human
Services, or the designee of such Secretary.
(C) The Assistant Secretary for Economic
Development of the Department of Commerce,
or the designee of the Assistant Secretary.
(D) The Administrator of the Community
Development Financial Institutions Fund, or
the designee of the Administrator.
(E) The Under Secretary of Agriculture
for Rural Development, or the designee of the
Under Secretary.
(2) OTHER
MEMBERS.—No fewer than 14
members, who are not officers or employees of the
Federal Government, who shall serve as voting mem-
bers:
(A) No fewer than 2 individuals who con-
duct research on community economic develop-
ment activities.
(B) No fewer than 2 individuals who are
experts in community economic development fi-
nancing.
(C) No fewer than 3 individuals who are
publicly elected officials.
(D) No fewer than 7 individuals who are
representatives of community-based economic
development organizations that carry out com-
munity economic development activities.
(c) TRAVEL EXPENSES.—Members of the Advisory
Council shall not receive any pay by reason of their service
on the Advisory Council, but shall receive travel expenses,
including per diem in lieu of subsistence, in accordance
with sections 5702 and 5703 of title 5, United States
Code.
SEC. 6. COORDINATION WITH PRESIDENT’S ANNUAL BUDG-
ET REQUEST.
The President of the United States shall include, to-
gether with each annual budget of the United States Gov-
ernment required to be submitted under section 1105(a)
of title 31, United States Code, a report regarding Federal
financial support for community economic development
that includes—
(1) a detailed summary of the total level of
funding committed to community-based economic de-
velopment organizations throughout all Federal
agencies;
(2) a statement of projected funding levels for
the grant program under section 3 of this Act for
the upcoming fiscal year and each fiscal year there-
after until 2010, and projected funding levels for fi-
nancial assistance for economic development activi-
ties for each Federal agency that provides such as-
sistance;
(3) an identification and analysis of the method
(including grant agreements, procurement contracts,
and cooperative agreements (as such terms are used
in chapter 63 of title 31, United States Code) by
which such financial assistance is provided for each
such economic development activity; and
(4) recommendations for specific activities and
measures to enhance community-based economic de-
velopment capacity building in States having less
concentrated economic and infrastructure resources
and to strengthen nationwide community-based eco-
nomic development.
SEC. 7. DEFINITIONS.
For purposes of this Act, the following definitions
shall apply:
(1) COMMUNITY-BASED
ECONOMIC
DEVELOP-
MENT ORGANIZATION.—
(A) IN GENERAL.—For purposes of this
section, the term ‘‘community-based economic
development organization’’ means a nonprofit,
nongovernmental organization that—
(i) has as its primary mission to
serve, or provide investment capital for,
low-income communities and low-income
persons; and
(ii) maintains accountability to resi-
dents of low-income communities through
their representation on any governing
board of the organization or on any advi-
sory board to the organization.
(B) NONDISCRIMINATION AGAINST FAITH-
BASED
ORGANIZATIONS.—Such term shall in-
clude any faith-based organization that complies
with the requirements under clauses (i) and (ii)
of subparagraph (A).
(C) TREATMENT OF COMMUNITY DEVEL-
OPMENT
FINANCIAL
INSTITUTIONS.—The re-
quirements of subparagraph (A) shall be treat-
ed as met by any community development fi-
nancial institution (as such term is defined in
section 103 of the Community Development
Banking and Financial Institutions Act of 1994
(12 U.S.C. 4702).
(2) 
COMMUNITY
ECONOMIC
DEVELOPMENT
PROJECT.—The term ‘‘community economic develop-
ment project’’ means a project that involves—
(A) investment in business enterprises, in-
cluding investments in the form of loan origina-
tion, equity investment, and monetary assist-
ance to home buyers or to business owners for
business development projects; or
(B) the construction or rehabilitation of fa-
cilities, including commercial or industrial facili-
ties, homes, apartment buildings, and commu-
nity parks.
(3) LOW-INCOME
COMMUNITIES
AND
PER-
SONS.—The terms ‘‘low-income communities’’ and
‘‘low-income persons’’ shall have the meanings given
such terms in section 45D of the Internal Revenue
Code of 1986 (26 U.S.C. 45D).
(4) SECRETARY.—The term ‘‘Secretary’’ means
the Secretary of Housing and Urban Development.
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