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House Bill 1393


House Bill 1393

ARCHIVE (2006)

Latest Information

 

DIGEST OF INTRODUCED BILL


Community development financial institutions. Requires the economic development corporation (IEDC) to implement a program to provide financial and technical assistance to: (1) federally certified community development financial institutions (CDFI); (2) Indiana CDFIs; and (3) local CDFIs; that make loans and investments or provide services to targeted investment areas or to targeted low income populations. Authorizes the IEDC to designate entities meeting certain requirements as Indiana CDFIs and to designate counties and municipalities (or foundations established by a county or municipality) meeting certain requirements as local CDFIs. Allows the IEDC to provide grants, loans, and technical assistance to a CDFI, an Indiana CDFI, or a local CDFI for certain purposes related to remedying a lack of adequate access to loans, equity investments, mortgage lending, banking services, or personal financial services of a targeted low income population or in a targeted investment area. Specifies the criteria to be used by the IEDC in determining whether to award a grant or loan or provide technical assistance. Requires the IEDC to serve as a clearinghouse for information relevant to potential incorporators or organizers of CDFIs, Indiana CDFIs, and local CDFIs. Provides that the IEDC may not provide any combination of grants or loans under the program to a single entity that exceeds the greater of 10% of the total assets of the community development financial institutions fund or $500,000. Authorizes CDFIs, Indiana CDFIs, and local CDFIs to apply for a loan or grant from the microenterprise partnership program fund (fund), and authorizes those entities to establish local investment pools and local opportunity pools under the microenterprise partnership
Current Status:
 In Committee - first House
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