analysis to conduct an evaluation of the impact of the 
grant program under section 3. The evaluation shall be 
conducted upon the termination of the program. Not later 
than 6 months after the conclusion of the last fiscal year 
for which amounts are made available for grants under 
section 3, the entity conducting the evaluation shall sub-
mit to the Secretary and the Congress a final report re-
garding the evaluation. 
SEC. 5. ADVISORY COUNCIL. 
(a) ESTABLISHMENT AND DUTIES.—The Secretary 
shall establish an advisory council to be known as the Sec-
retary’s Advisory Council on Community Economic Devel-
opment (in this section referred to as the ‘‘Advisory Coun-
cil’’). The Advisory Council shall make recommendations 
to the Secretary on carrying out this Act, including rec-
ommendations on developing plans under section 4(b)(3) 
and reviewing and making recommendations on such plans 
that have been developed. 
(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. 
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(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 
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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-
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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, 
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low-income communities and low-income 
persons; and 
(ii)(I) 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; or 
(II) maintains accountability to low- 
income communities by having a board pri-
marily consisting of leaders of community- 
based development organizations from its 
region or State on its governing board. 
(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). 
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(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. 
Æ 
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