New Hampshire, Meet Bonnie

New Hampshire, Meet Bonnie

PostBy: Richard S. On: Mon Oct 13, 2008 1:04 pm

Bonnie CLAC, as it's known, is loosely modeled after the housing industry's Fannie Mae. Its aim is to help low- to moderate-income workers take control of their finances, with the goal of buying a new car. The program, which acts as a middleman, negotiates with auto dealerships and banks for discount rates.

A study released last year by the California-based National Economic Development and Law Center identified 151 programs across the country that work at getting low-income workers into their own cars. Many of them fix up older, donated cars. Other programs help people secure loans, but don't offer what Bonnie CLAC does: help to purchase new cars, said Tim Lohrentz, the study's main author.

Bonnie as lists on as one major donor on their website..... .......
New Hampshire Community Development Finance Authority

Created in 1983, the Community Development Finance Authority (CDFA) supports affordable housing and economic development activities that benefit low and moderate income citizens in New Hampshire.

Using a combination of state tax credits and Community Development Block Grant funding, CDFA provides project funding, technical assistance, and financial support to nonprofit community development organizations, counties, municipalities, cooperatives, and other volunteer citizens groups. These organizations, in partnership with CDFA, create affordable housing, support the formation of new jobs and help retain existing employment for low and moderate income New Hampshire residents.

Sounds familiar doesn't it? Here's the legislation:
Repeal and reenactment of chapter. 1991, 334:3, eff. June 28, 1991, provided for the repeal and reenactment of RSA 162-L. Original RSA 162-L, consisting of RSA 162-L:1- 162-L:10, was derived from 1983, 326:3.

Legislative findings of fact and declaration of policy. 1983, 362:2, as amended by 1991, 334:2, eff. June 28, 1991, provided:

I. The legislature finds that areas of unemployment and inadequate housing exist in the state and that each area is inimical to the safety, health and welfare of the residents of the area and of the state. In addition, such areas of underemployment and inadequate housing decrease the value of private investment and threaten the sources of public revenue. Because of the economic and social interdependence of communities, the economic and industrial development of all municipalities of the state is substantially impaired. The development or redevelopment of these areas of underemployment and inadequate housing requires the stimulation of private investment in these areas.

II. Industries located in the state have been induced to move or cease their operations with a resulting loss of primary employment and increased unemployment. Economic insecurity due to loss of primary employment is a serious menace to the general welfare of not only the people of the affected areas but of the people of the entire state. Unemployment results in obligations to grant public assistance and in the payment of unemployment compensation. The absence of primary employment opportunities has caused workers and their families to migrate elsewhere to find work and establish homes. This has resulted in a reduction of the tax base of municipalities and the consequent impairment of their financial ability to support education and other local government services.

III. The economic problems within these areas are beyond remedy and control solely by regulatory process and the exercise of police power. These problems cannot be dealt with effectively by the ordinary operations of private enterprise without the aids provided in this act. Increasing the number of development projects in areas where primary employment is threatened and housing is inadequate, and providing capital to business ventures within these areas, and stimulating private investment in these areas are public uses and purposes for which public money may be expended and invested.
Richard S.
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