PUBLIC LAW 95-568—NOV. 2, 1978 be composed of fifteen members appointed, for staggered terms and without regard to the civil service laws, by the President, in consultation with the Director. Such members shall be representative of the investment and business communities and appropriate fields of endeavor related to this title. The Investment Board shall meet at the call of the chairperson, but not less often than three times each year. The Director and the administrator of community economic development programs shall be ex officio members of the Investment Board. "(b) The Investment Board shall promote cooperation between private investors and businesses and community development corporation projects through— "(1) advising the Director and the community development corporations on ways to facilitate private investment; " (2) advising businesses and other investors of opportunities in community development corporation projects; and "(3) advising the Director, Community development corporations, and private investors and businesses of ways in which they might engage in mutually beneficial efforts. "(c) The governing body of each Community Development Corporation may establish an advisory community investment board composed of not to exceed 15 members who shall be appointed by the governing body after consultation with appropriate local officials. Each such board shall promote cooperation between private investors and businesses and the governing body of the Community Development Corporation through— "(1) advising the governing body on ways to facilitate private investors; " (2) advising businesses and other investors of opportunities in Community Development Corporation projects; and "(3) advising the governing body, private investors, and businesses of ways in which they might engage in mutually beneficial ! efforts.". -; (c) Section 712(a) of the Act (42 U.S.C. 2982a(a)) is amended— (1) by striking out "economic and" in paragraph (1), and by inserting "and commercial" after "business"; (2) by inserting "physical" after "community" in paragraph (2);
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92 STAT. 2437 Membership.
Meetings. Ex officio members. Cooperation between private investors and others.
Advisory community investment board; establishment, membership.
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(3) by inserting before the semicolon in paragraph (3) a comma and the following: "and in section 222(a)(7) of this Act"; 1 (4) by striking out "economic" in paragraph (4) and inserting in lieu thereof "business and commercial"; and (5) by inserting "recreation services," after "energy conserva[ tion," in paragraph (4). (d) Section 713(b) of the Act (42 U.S.C. 2982b(b)) is amended by striking out "an" and inserting in lieu thereof "a substantial". (e) Section 713 of the Act (42 U.S.C. 2982b) is amended by adding at the end thereof the following new subsection: "(d) Financial assistance for commercial development under this part shall not be extended until the community economic development program that has applied for assistance under this title has specified in some detail its development goals and its development timetable. The Director, in providing continued financial assistance to a community economic development program, shall give serious consideration to the experience that program has had in meeting development goals or in adhering to development timetables.". (f) Section 714 of the Act (42 U.S.C. 2982c) is amended to read as follows:
42 USC 2809.
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