Economic development: California Socioeconomic Development Pods Program.

Existing law establishes the Governor's Office of Business and Economic Development, which is administered by a director appointed by the Governor. The office serves the Governor as the lead entity for economic strategy and the marketing of California on issues relating to business development, private sector investment, and economic growth. Existing law provides for various economic development programs that foster community sustainability and community and economic development initiatives throughout the state. This bill would establish the California Socioeconomic Development Pods Program within the Governor's Office of Business and Economic Development to encourage the use of social innovative financing, as defined, within blighted areas in the state. The bill would also create the Pod Accelerator Fund, a continuously appropriated fund, within the State Treasury, to receive moneys collected and received by the Governor's Office of Business and Economic Development for the California Socioeconomic Development Pod Program from gifts, bequests, or donations.