Congress Passes the New Markets Community Renewal Act Representative Danny K. Davis the legislative sponsor of the Community Renewal and New Markets Act [HR 4923] was the keynote speaker at CANDO's annual meeting, December 19, where he shared with Chicago community development leaders, the details of this innovative legislation that passed Congress December 15, 2000. The bill includes many provisions that CANDO believes will bring much needed capital into low-income communities. Highlights include: Establishes a New Markets Tax Credit that will allow the Treasury Department to make tax credits available to encourage $15 billion in private sector investment in low- to moderate-income communities; Creates 40 new Renewal Communities where businesses could invest without paying federal taxes on capital gains, while receiving increased tax credits for wages and equipment purchases; Provides nearly $7 million for BusinessLINC, a program to promote business-to-business networking through local business organizations such as Chambers and Business Associations for providing technical assistance and identify prospective business; Contains language creating New Markets Venture Capital Companies, a new vehicle to attract private sector dollars into low-income communities; and Increases the Low-Income Housing Tax Credit by 40% over two years. Rep. Davis stressed that the intent is "to bring in businesses and stimulate business growth in these areas." We want to formally thank Congressman Davis for his leadership in getting this bill passed. This legislation is providing Chicago s neighborhoods with a new opportunity to directly access the capital and business assistance that is needed to build economically viable neighborhoods. CANDO will keep you updated on this legislation as more details become available. CANDO Welcomes New Board Directors Voting Members* Rodney Crim                Shorebank Neighborhood Institute William Howard        West Humboldt Park Development Council Alicia Spears                Business & Economic Revitalization Association (BERA) Willie Winters             Beverly Area Planning Association (BAPA) Affiliate Members* Ross Carlson               Associated Bank Kelly Smith                Women's Business Development Center *All of the newly elected board directors will serve a three year term. Re-elected Voting Directors Martin Goldsmith       Edgewater Development Corp. Joyce Shanahan           Industrial Council of NW Chicago Paula Barrington       Old Town Chamber of Commerce Curtis Roeschley         Uptown Center Hull House Tam Nguyen               Vietnamese Association of Illinois Re-elected Affiliate Directors DeNalda Guice Gay   LaSalle National Bank Steven Sims                 Northern Trust Company Scott Sonoc A/A          Sonoc Architects & Associates Congratulations, to all the newly elected and re-elected directors, we admire your leadership and appreciate your dedication.  Start the New Year off  Right! Things to do in 2001:   o Lose the extra pounds from Christmas   p Organize office, desk, and life   þ Make contact with people from CANDO's last networking event        p Participate in professional growth and time management series   þ Get involved with CANDO (sounds like a great idea) Here's how: Interesting ways to get involved with CANDO Are you interested in advancing a successful policy agenda this year? Are you interested in business development and community economic development finance? Are you interested in formulating a workshop, seminar and/or conference that strengthens community development professionals citywide? Whether it's community economic development finance, advancing policy, or member development; CANDO has a working group for you. This year CANDO is implementing a No Missing Members Initiative, that seeks to engage members in program development and provide a forum for all CANDO members to get involved, and have input into the services and products CANDO offers. Please refer to the insert for more details on the specific objectives of each working group and meeting times. We look forward to seeing more of you in the New Year.  Workshops and Seminars Uptown Center Hull House is offering a free workshop Starting a Business, on January 17, from 7:00 to 9:00. Contact Stacy at 773.561.3500 for information or to register. Nonprofit Financial Center is holding Do it Right the First Time, a workshop that provides participants with the foundation to starting a non-profit. Topics include developing your mission statement, filing for incorporation, board development, fundraising and budgeting. For more information or to register, contact NFC at 312.606.8250 or online at www.nonprofitfinancial.org CANDO Happenings Congratulations to Angela Moore who has been promoted to Director, Member Services. Angela has worked as the Associate Director, Member Services for a year and a half now, and will continue to build CANDO's membership and ensure that CANDO is in tune with its member needs.   CANDO wishes to thank and acknowledge those members who have financially strengthened our Association by Contributing supplemental dues: Back of the Yards Business Association Bank One Chicago Community Loan Fund Devon Bank The Habitat Company Harris Bank Industrial Council of Near West Chicago Jane Addams Resource Corporation L.B. Stanton Consulting, Inc. LISC McBride Baker & Coles Manufacturers Bank Matanky Realty Group Midwest Property Group, Ltd. Northern Trust S.B. Friedman & Company Shetland Properties South East Chicago Development Commission Uptown Center Economic Development Unit