HB1648 102ND GENERAL ASSEMBLY

LRB102 03701 RJF 13714 b

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.

A BILL FOR

AN ACT concerning State government.

Be it enacted by the People of the State of Illinois, represented in the General Assembly:

Section 5. The Illinois Investment and Development Authority Act is amended by changing Section 5 as follows:

(20 ILCS 3820/5)

Sec. 5. Purpose. The The purpose of this Act is to create a State entity to support the creation and growth of community development financial institutions, which provide access to capital for business development, capital investments, and other financing to expand private sector activities in economically disadvantaged communities and for low income people, by providing grants, loans, and technical assistance to CDFIs. Assistance by this entity would (i) expand financial services and capital access in economically disadvantaged communities, (ii) provide support for the creation of new small businesses and new jobs in economically disadvantaged communities, (iii) create opportunities for banks to get a federal incentive for investments in a CDFI, (iv) increase this State's share of the money distributed annually by the federal Community Development Financial Institutions Fund, and (v) create a new partnership between the State, banks and thrifts, and CDFIs.

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