Community investment.

Existing law authorizes the Governor's Office of Business and Economic Development to, among other things, advance statewide economic goals. This bill would establish the California Community Investment Program within the Governor's Office of Business and Economic Development. The program would be governed by a 10 member California Community Investment Council comprised of 6 citizens appointed by the Governor, the Treasurer, the Controller, the Secretary of Business, Consumer Services, and Housing, and the Director of the Governor's Office of Business and Economic Development, as specified. The bill would also establish an advisory committee to advise the California Community Investment Council composed solely of four members of the Legislature, as specified. The program would be required to create a database of low-income neighborhoods, compile and maintain an inventory of California public sector funding resources and financing mechanisms, coordinate public sector financial investment and public programs to assist low-income communities to become business, development, and investment ready, develop criteria for triple bottom-line investment funds, establish overall triple bottom-line goals and standardized metrics for economic, social, and environmental outcomes to be accepted by eligible investment funds, establish and convene regular meetings of the California Community Investment Network comprised of organizations and institutions with expertise and resources to advise the California Community Investment Council and eligible investment fund managers, and report biannually to the Legislature and the Governor on the status and progress of the California Community Investment Program and performance on goals and triple bottom-line outcomes, as specified. The bill would require the program to encourage significant private sector commitment, cooperation, and collaboration to invest private capital in low-income neighborhoods through eligible triple bottom-line investment funds with the goal of obtaining, by January 1, 2019, at least $1,000,000,000 of new investment by triple bottom-line investment funds in triple bottom-line real estate developments and businesses located in low-income California neighborhoods. The bill would also make legislative findings and declarations in this regard.