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| | 102ND GENERAL ASSEMBLY
State of Illinois
2021 and 2022
HB1648 Introduced 2/17/2021, by Rep. Emanuel Chris Welch SYNOPSIS AS INTRODUCED:
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Amends the Illinois Investment and Development Authority Act. Makes a
technical change in a Section concerning the purpose of the Act.
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| | A BILL FOR |
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| | HB1648 | | LRB102 03701 RJF 13714 b |
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| 1 | | AN ACT concerning State government.
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| 2 | | Be it enacted by the People of the State of Illinois, |
| 3 | | represented in the General Assembly:
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| 4 | | Section 5. The Illinois Investment and Development |
| 5 | | Authority Act is amended by changing Section 5 as follows:
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| 6 | | (20 ILCS 3820/5)
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| 7 | | Sec. 5. Purpose. The
The purpose of this Act is to create a |
| 8 | | State
entity to support the creation and growth of community |
| 9 | | development
financial institutions, which provide access to |
| 10 | | capital for business
development, capital investments, and |
| 11 | | other financing to expand private
sector activities in |
| 12 | | economically disadvantaged communities and for low
income |
| 13 | | people, by providing grants, loans, and technical assistance |
| 14 | | to
CDFIs. Assistance by this entity would (i) expand financial |
| 15 | | services and
capital access in economically disadvantaged |
| 16 | | communities, (ii) provide
support for the creation of new |
| 17 | | small businesses and new jobs in
economically disadvantaged |
| 18 | | communities, (iii) create opportunities for
banks to get a |
| 19 | | federal incentive for investments in a CDFI, (iv) increase
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| 20 | | this State's share of the money distributed annually by the |
| 21 | | federal
Community Development Financial Institutions Fund, and |
| 22 | | (v) create a
new partnership between the State, banks and |
| 23 | | thrifts, and CDFIs. |