|Posted:||January 5, 2022 04:14 PM|
|From:||Representative R. Lee James|
|To:||All House members|
|Subject:||Strengthening the Oversight of Certified Economic Development Organizations|
|Please join me as a co-sponsor of legislation to strengthen the oversight of certified economic development organizations by the Pennsylvania Industrial Development Authority (PIDA).
Current law empowers PIDA to establish standards for an economic development organization to receive a certification. Receiving this certification enables the organizations to evaluate and administer loan programs overseen by PIDA. Most of the requirements for certification are established by guidelines adopted by PIDA.
Under this legislation, each certified economic development organization would be required to provide at least six hours of annual training in financing for its professional staff.
PIDA would also be required to conduct an annual performance review for each certified economic development organization, including an examination of the quality of applications to PIDA and the performance of the organization’s loan portfolio. If funds are available from PIDA’s loan portfolio, PIDA could attach financial incentives to these performance reviews.
This legislation would also require an annual report be published and provided to the General Assembly highlighting the performance review for each certified economic development organization during the prior fiscal year.
Finally, this legislation would prescribe the means by which an organization would lose its certification for non-performance.
I look forward to working with you on this important legislation.
Introduced as HB2265