Bill Summary – FastDemocracy

ENROLLED ORIGINAL

                                             AN ACT

                                      __________________

                   IN THE COUNCIL OF THE DISTRICT OF COLUMBIA

                              _______________________________

To amend, on a temporary basis, the Equitable Impact Assistance for Local Businesses Act of

      2020 to clarify what types of investments the Fund Manager can provide to an eligible

      business, provide that the Fund Manager shall establish as well as manage the Equity

      Impact Fund, and clarify that the initial District contribution to the Equity Impact Fund

      shall be in the form of a grant.

       BE IT ENACTED BY THE COUNCIL OF THE DISTRICT OF COLUMBIA, That this

act may be cited as the Equitable Impact Assistance for Local Businesses Temporary

Amendment Act of 2021.

        Sec. 2. The Equitable Impact Assistance for Local Businesses Act of 2020, effective

December 3, 2020 (D.C. Law 23-149; D.C. Official Code  2-281.01 et seq.), is amended as

follows:

        (a) Section 2162 (D.C. Official Code  2-281.01) is amended by adding a new paragraph

(5A) to read as follows:

                 (5A) Investment means a grant, loan, credit enhancement, or other financial

funding tool approved by the Mayor..

        (b) Section 2163 (D.C. Official Code  2-281.02) is amended as follows:

                 (1) Subsection (a) is amended as follows:

                         (A) Paragraph (1) is amended to read as follows:

                 (1) The Mayor shall select a Fund Manager to establish and manage a fund

outside the District of Columbia government to be known as the Equity Impact Fund (Fund)..

                         (B) Paragraph (2) is amended as follows:

                                (i) Strike the phrase Manager, $1.25 million and insert the phrase

Manager, a grant of $1.25 million in its place.

                                (ii) Strike the phrase Year 2021 for deposit into the Fund

(Districts initial investment) and insert the phrase Year 2021 to the Fund Manager for

deposit by the Fund Manager into the Fund (Districts initial grant) in its place.

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                 (2) Subsection (b) is amended by striking the phrase Fund, other amounts, if

any, and inserting the phrase Fund and granted by the Deputy Mayor for Planning and

Economic Development to the Fund Manager, other amounts, if any, it is place.

         (c) Subsection (c) is amendment by striking the phrase investment in businesses and

inserting the phrase investment in eligible businesses in its place.

         (c) Section 2164(b) (D.C. Official Code  2-281.03(b)) is amended as follows:

                 (1) Paragraph (1) is amended as follows:

                         (A) Strike the phrase disadvantaged individuals or individuals who and

insert the phrase disadvantaged individuals, individuals who in its place.

                         (B) Strike the phrase individual qualities; and and insert the phrase

individual qualities, or equity impact enterprises; and in its place.

         (d) Section 2165(b)(3) (D.C. Official Code  2-281.04(b)(3)) is amended as follows:

                 (1) Strike the phrase described in the businesss and insert the phrase described

in the eligible businesss in its place.

                 (2) Strike the phrase cost to the business, and insert the phrase cost to the

eligible business, in its place.

        (e) Section 2167 (D.C. Official Code  2-281.06) is amended as follows:

                 (1) The heading is amended by striking the word investment and inserting the

word grant in its place.

                 (2) The text is amended as follows:

                         (A) Strike the phrase amount of its initial investment into the Fund and

insert the phrase amount of the Districts initial grant or any subsequent grant of funds to the

Fund Manager for deposit into the Fund in its place.

                         (B) Strike the phrase initial investment into the Fund. and insert the

phrase initial investment or any subsequent grant of funds to the Fund Manager for deposit into

the Fund. in its place.

       Sec. 3. Fiscal impact statement.

       The Council adopts the fiscal impact statement of the Budget Director as the fiscal impact

statement required by section 4a of the General Legislative Procedures Act of 1975, approved

October 16, 2006 (120 Stat. 2038; D.C. Official Code  1-301.47a).

        Sec. 4. Effective date.

        (a) This act shall take effect following approval by the Mayor (or in the event of veto by

the Mayor, action by the Council to override the veto), a 30-day period of congressional review

as provided in section 602(c)(1) of the District of Columbia Home Rule Act, approved

December 24, 1973 (87 Stat. 813; D.C. Official Code  1-206.02(c)(1)), and publication in the

District of Columbia Register.

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      (b) This act shall expire after 225 days of its having taken effect.

             ______________________________

             Chairman

             Council of the District of Columbia

_________________________________

Mayor

District of Columbia

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