Small Communities Planning, Development, and Training Act

[AI summary unavailable — showing source text] Small Communities Planning, Development, and Training Act - Title I: Community Development Bank - Creates an independent agency known as the Community Development Bank with a board of directors of 14 persons, one of whom shall be the President of the bank. Provides that the President, by and with the advice and consent of the Senate, shall appoint the President of the bank and the directors, no more than three of whom shall be officers or employees of the United States and at least seven of whom shall be identified with or representatives of State or local government. Provides that the president of the bank shall serve at the pleasure of the President. Authorizes the appropriation of $1,000,000 to the Secretary of Housing and Urban Development to pay the initial organizing and operating expenses of the bank. Authorizes the bank to make commitments to purchase, and to purchase, service, or sell on terms and conditions determined by the bank, any obligation of a State or local government which is not exempt from Federal taxation. Makes similar provision for the purchase of evidences of indebtedness making loans to any private nonprofit organization or association representing a commu…