102ND GENERAL ASSEMBLY
State of Illinois
2021 and 2022
HB1648

 

Introduced 2/17/2021, by Rep. Emanuel Chris Welch

 

SYNOPSIS AS INTRODUCED:
 
20 ILCS 3820/5

    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

 

HB1648LRB102 03701 RJF 13714 b

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

 

 

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1(Source: P.A. 92-864, eff. 6-1-03.)