Substitute House Bill No. 5434, Public Act No. 24-36, revises the Community Economic Development Fund program, which aims to support low and moderate-income individuals in designated areas with business development. The bill updates definitions for "public investment communities," "qualified census tract," and "targeted investment community," while removing outdated definitions. It also modifies the governance of the entity overseeing the program, detailing the board of directors' composition and the entity's powers, such as employing staff, soliciting contributions, and establishing affiliates. Insertions in the bill refine the board's composition and the entity's objectives, including promoting affirmative action and minority-owned businesses, and coordinating with development plans.

The legislation mandates that at least 70% of the financial assistance provided must benefit low and moderate-income individuals or activities within the specified communities. It introduces a new provision allowing the entity to operate outside the state, with the condition that a majority of its assets remain dedicated to in-state business. The bill also requires the entity to submit an annual electronic report to the General Assembly's commerce committee, detailing its goals, activities, achievements, financial statements, and strategies. Changes to the reporting requirements include a new due date and updated language, such as changing "local economic development" to "commerce."

Statutes affected:
Raised Bill: 8-240l
CE Joint Favorable Substitute: 8-240k, 8-240l, 8-240n
File No. 460: 8-240k, 8-240l, 8-240n
File No. 640: 8-240k, 8-240l, 8-240n
Public Act No. 24-36: 8-240k, 8-240l, 8-240n