1 ______________________________
2 Councilmember Kenyan R. McDuffie
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6 A BILL
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8 ______________
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10 IN THE COUNCIL OF THE DISTRICT OF COLUMBIA
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12 _______________________________
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15 To amend, on a temporary basis, Equitable Impact Assistance for Local Businesses Act of 2020
16 to clarify what types of investments the Fund Manager can provide to an eligible
17 business, provide that the Fund Manager shall establish as well as manage the Equity
18 Impact Fund, and to clarify that the initial District contribution to the Equity Impact Fund
19 shall be in the form of a grant.
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21 BE IT ENACTED BY THE COUNCIL OF THE DISTRICT OF COLUMBIA, That this
22 act may be cited as the Equitable Impact Assistance for Local Businesses Temporary
23 Amendment Act of 2021.
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25 Sec. 2. The Equitable Impact Assistance for Local Businesses Act of 2020, effective
26 December 3, 2020 (D.C. Law 23-149; D.C. Official Code 2-281.01 et seq.), is amended as
27 follows:
28 (a) Section 2162 (D.C. Official Code 2-281.01) is amended by adding a new paragraph
29 (5a) to read as follows:
30 (5a) Investment means a grant, loan, credit enhancement, or other financial funding
31 tool approved by the Mayor..
32 (b) Section 2163 (D.C. Official Code 2-281.02) is amended as follows:
33 (1) Subsection (a) is amended as follows:
34 (A) Paragraph (1) is amended to read as follows:
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35 (1) The Mayor shall select a Fund Manager to establish and manage a
36 fund outside the District of Columbia government to be known as the Equity Impact Fund
37 (Fund)..
38 (B) Paragraph (2) is amended as follows:
39 (i) Strike the phrase Manager, $1.25 million and insert the phrase
40 Manager, a grant of $1.25 million in its place.
41 (ii) Strike the phrase Year 2021 for deposit into the Fund
42 (Districts initial investment) and insert the phrase Year 2021 to the Fund Manager for
43 deposit by the Fund Manager into the Fund (Districts initial grant) in its place.
44 (2) Subsection (b) is amended by striking the phrase Fund, other amounts, if
45 any, and inserting the phrase Fund and granted by the Deputy Mayor for Planning and
46 Economic Development to the Fund Manager, other amounts, if any, it is place.
47 (c) Subsection (c) is amendment by striking the phrase investment in businesses
48 and inserting the phrase investment in eligible businesses in its place.
49 (c) Section 2164(b) (D.C. Official Code 2-281.03(b)) is amended as follows:
50 (1) Paragraph (1) is amended as follows:
51 (A) Strike the phrase disadvantaged individuals or individuals who and
52 insert the phrase disadvantaged individuals, individuals who in its place.
53 (B) Strike the phrase individual qualities; and and insert the phrase
54 individual qualities, or equity impact enterprises; and in its place.
55 (d) Section 2165(b)(3) (D.C. Official Code 2-281.04(b)(3)) is amended as follows:
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56 (1) Strike the phrase described in the businesss and insert the phrase described
57 in the eligible businesss in its place.
58 (2) Strike the phrase cost to the business, and insert the phrase cost to the
59 eligible business, in its place.
60 (e) Section 2167 (D.C. Official Code 2-281.06) is amended as follows:
61 (1) The heading is amended by striking the word investment and inserting the
62 word grant in its place.
63 (2) The text is amended as follows:
64 (A) Strike the phrase amount of its initial investment into the Fund and
65 insert the phrase amount of the Districts initial grant or any subsequent grant of funds to the
66 Fund Manager for deposit into the Fund in its place.
67 (B) Strike the phrase initial investment into the Fund. and insert the
68 phrase initial investment or any subsequent grant of funds to the Fund Manager for deposit into
69 the Fund. in its place.
70 Sec. 3. Fiscal impact statement.
71 The Council adopts the fiscal impact statement of the Budget Director as the fiscal impact
72 statement required by section 4a of the General Legislative Procedures Act of 1975, approved
73 October 16, 2006 (120 Stat. 2038; D.C. Official Code 1-301.47a).
74 Sec. 4. Effective date.
75 (a) This act shall take effect following approval by the Mayor (or in the event of veto by
76 the Mayor, action by the Council to override the veto), a 30-day period of Congressional review
77 as provided in section 602(c)(1) of the District of Columbia Home Rule Act, approved
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78 December 24, 1973 (87 Stat. 813; D.C. Official Code 1-206.02(c)(1)), and publication in the
79 District of Columbia Register.
80 (b) This act shall expire after 225 days of its having taken effect.
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