{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/36-140.01.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/36-140.01.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/36-140.01.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/36-140.01.html"}],"law_id":58755,"edition_id":1,"section_id":58755,"structure_id":15420,"section_number":"36-140.01","catch_line":"Virginia Community Development Financial Institutions Fund and Program; report","history":"2023, cc. 639, 640.","full_text":"A\n\nFor the purposes of this section:\n\t\t\t“Financing” means (i) loans, grants, or forgivable loans that are used to start, expand, or support small businesses or nonprofit organizations; to provide operating and working capital to small businesses; or for property renovation or development or (ii) ancillary services related to such loans, grants, or forgivable loans, including technical assistance and credit counseling.\n\t\t\t“Fund” means the Virginia Community Development Financial Institutions Fund described in subsection B.\n\t\t\t“Microfinancing” means providing financing to small businesses in amounts of $100,000 or less.\n\t\t\t“Program” means the Virginia Community Development Financial Institutions Program described in subsection C.\n\t\t\t“Qualifying institution” means a community development financial institution (CDFI), community development bank (CDB), or community development credit union that the Secretary of Commerce and Trade finds is (i) legally qualified to do business within the Commonwealth, (ii) subject to oversight by the applicable federal or state financial institution or insurance regulatory agencies, and (iii) eligible for certification by the U.S. Department of the Treasury as a CDFI.B\n\nThere is hereby continued in the state treasury a special nonreverting fund known as the Virginia Community Development Financial Institutions Fund, originally established in Item 114, Chapter 552 of the Acts of Assembly of 2021, Special Session I. The Fund shall be continued on the books of the Comptroller. All funds appropriated for such purpose and any gifts, donations, grants, bequests, and other funds received on its behalf shall be paid into the state treasury and credited to the Fund. Interest earned on moneys in the Fund shall remain in the Fund and be credited to it. Any moneys remaining in the Fund, including interest thereon, at the end of each fiscal year shall not revert to the general fund but shall remain in the Fund. Moneys in the Fund shall be used solely for the purposes of providing financing to qualifying institutions as part of the Program established by subsection C. Expenditures and disbursements from the Fund shall be made by the State Treasurer on warrants issued by the Comptroller upon written request signed by the Director of the Department of Housing and Community Development.C\n\n1. There is hereby created the Virginia Community Development Financial Institutions Program to provide grants and loans to qualifying institutions to provide financing to support small businesses, housing development and rehabilitation projects, and community revitalization real estate projects in the Commonwealth. In providing financing to small businesses, qualifying institutions shall emphasize microfinancing.2\n\na. Qualifying institutions shall be required, as a condition of receiving funds from the Program, to use such funds only for the purposes described in this section. Such funds shall be kept segregated by the qualifying institutions from all other funds. In the event that funds provided by the Program are used for any purpose other than those described in this section, the qualifying institution shall repay such funds to the Program.\n\t\t\t\tb. Notwithstanding the provisions of subdivision a, (i) income in the form of interest, fees, or gains earned by a qualifying institution from providing financing and (ii) administrative costs incurred in administering Program funds shall not be subject to the restrictions provided by subdivision a.D\n\nThe Department shall develop appropriate criteria and guidelines for the use of funding provided from the Fund and shall establish monitoring and accountability mechanisms for organizations receiving funding. Additionally, the Department shall (i) identify qualifying institutions based on criteria developed by the Department and in accordance with this section; (ii) ensure that grants and loans provided by the Program are utilized in a manner that aligns with the Program’s goal of promoting housing and community development, capital access, housing access, and small business support; (iii) ensure that in using funds provided by the Program, qualifying institutions emphasize microfinancing to small businesses; (iv) establish a mechanism for obtaining repayment of misused funds in accordance with subdivision C 2 a; and (v) utilize Program funds to promote collaborative and cooperative projects with public and private sector partners that align with the purposes of the Program.E\n\nOn or before December 1 of each year, the Department shall submit a report to the Secretary of Commerce and Trade, the Governor, and the Chairmen of the House Committee on Appropriations and the Senate Committee on Finance and Appropriations. The report shall describe the number of projects funded; the geographic distribution of the projects; the costs of the Program; and the outcomes, including the number and total amount of loans, grants, and forgivable loans deployed, the number and type of jobs created or retained, and other community revitalization projects associated with the Program. The report shall also provide information on such other matters regarding the Fund as the Department may deem appropriate or other items as may be requested by any of the foregoing persons to whom such report is to be submitted.","order_by":null,"text":{"0":{"id":215305,"text":"For the purposes of this section:\n\t\t\t“Financing” means (i) loans, grants, or forgivable loans that are used to start, expand, or support small businesses or nonprofit organizations; to provide operating and working capital to small businesses; or for property renovation or development or (ii) ancillary services related to such loans, grants, or forgivable loans, including technical assistance and credit counseling.\n\t\t\t“Fund” means the Virginia Community Development Financial Institutions Fund described in subsection B.\n\t\t\t“Microfinancing” means providing financing to small businesses in amounts of $100,000 or less.\n\t\t\t“Program” means the Virginia Community Development Financial Institutions Program described in subsection C.\n\t\t\t“Qualifying institution” means a community development financial institution (CDFI), community development bank (CDB), or community development credit union that the Secretary of Commerce and Trade finds is (i) legally qualified to do business within the Commonwealth, (ii) subject to oversight by the applicable federal or state financial institution or insurance regulatory agencies, and (iii) eligible for certification by the U.S. Department of the Treasury as a CDFI.","type":"section","prefixes":["A"],"prefix":"A","entire_prefix":"A","prefix_anchor":"A","level":1,"next_prefix":"B"},"1":{"id":215306,"text":"There is hereby continued in the state treasury a special nonreverting fund known as the Virginia Community Development Financial Institutions Fund, originally established in Item 114, Chapter 552 of the Acts of Assembly of 2021, Special Session I. The Fund shall be continued on the books of the Comptroller. All funds appropriated for such purpose and any gifts, donations, grants, bequests, and other funds received on its behalf shall be paid into the state treasury and credited to the Fund. Interest earned on moneys in the Fund shall remain in the Fund and be credited to it. Any moneys remaining in the Fund, including interest thereon, at the end of each fiscal year shall not revert to the general fund but shall remain in the Fund. Moneys in the Fund shall be used solely for the purposes of providing financing to qualifying institutions as part of the Program established by subsection C. Expenditures and disbursements from the Fund shall be made by the State Treasurer on warrants issued by the Comptroller upon written request signed by the Director of the Department of Housing and Community Development.","type":"section","prefixes":["B"],"prefix":"B","entire_prefix":"B","prefix_anchor":"B","level":1,"prior_prefix":"A","next_prefix":"C"},"2":{"id":215307,"text":"1. There is hereby created the Virginia Community Development Financial Institutions Program to provide grants and loans to qualifying institutions to provide financing to support small businesses, housing development and rehabilitation projects, and community revitalization real estate projects in the Commonwealth. In providing financing to small businesses, qualifying institutions shall emphasize microfinancing.","type":"section","prefixes":["C"],"prefix":"C","entire_prefix":"C","prefix_anchor":"C","level":1,"prior_prefix":"B","next_prefix":"C2"},"3":{"id":215308,"text":"a. Qualifying institutions shall be required, as a condition of receiving funds from the Program, to use such funds only for the purposes described in this section. Such funds shall be kept segregated by the qualifying institutions from all other funds. In the event that funds provided by the Program are used for any purpose other than those described in this section, the qualifying institution shall repay such funds to the Program.\n\t\t\t\tb. Notwithstanding the provisions of subdivision a, (i) income in the form of interest, fees, or gains earned by a qualifying institution from providing financing and (ii) administrative costs incurred in administering Program funds shall not be subject to the restrictions provided by subdivision a.","type":"section","prefixes":["C","2"],"prefix":"2","entire_prefix":"C2","prefix_anchor":"C2","level":2,"prior_prefix":"C","next_prefix":"D"},"4":{"id":215309,"text":"The Department shall develop appropriate criteria and guidelines for the use of funding provided from the Fund and shall establish monitoring and accountability mechanisms for organizations receiving funding. Additionally, the Department shall (i) identify qualifying institutions based on criteria developed by the Department and in accordance with this section; (ii) ensure that grants and loans provided by the Program are utilized in a manner that aligns with the Program’s goal of promoting housing and community development, capital access, housing access, and small business support; (iii) ensure that in using funds provided by the Program, qualifying institutions emphasize microfinancing to small businesses; (iv) establish a mechanism for obtaining repayment of misused funds in accordance with subdivision C 2 a; and (v) utilize Program funds to promote collaborative and cooperative projects with public and private sector partners that align with the purposes of the Program.","type":"section","prefixes":["D"],"prefix":"D","entire_prefix":"D","prefix_anchor":"D","level":1,"prior_prefix":"C2","next_prefix":"E"},"5":{"id":215310,"text":"On or before December 1 of each year, the Department shall submit a report to the Secretary of Commerce and Trade, the Governor, and the Chairmen of the House Committee on Appropriations and the Senate Committee on Finance and Appropriations. The report shall describe the number of projects funded; the geographic distribution of the projects; the costs of the Program; and the outcomes, including the number and total amount of loans, grants, and forgivable loans deployed, the number and type of jobs created or retained, and other community revitalization projects associated with the Program. The report shall also provide information on such other matters regarding the Fund as the Department may deem appropriate or other items as may be requested by any of the foregoing persons to whom such report is to be submitted.","type":"section","prefixes":["E"],"prefix":"E","entire_prefix":"E","prefix_anchor":"E","level":1,"prior_prefix":"D"}},"ancestry":[{"id":15420,"edition_id":1,"name":"Department of Housing and Community Development","identifier":"8","label":"chapter","depth":2,"order_by":1,"parent_id":12779,"metadata":{},"date_created":"2026-06-26 03:54:46","date_modified":"2026-06-26 03:54:46","permalink":{"id":209523,"object_type":"structure","relational_id":15420,"identifier":"8","token":"36\/8","url":"\/36\/8\/","edition_id":1,"permalink":0,"preferred":1}},{"id":12779,"edition_id":1,"name":"Housing","identifier":"36","label":"title","depth":1,"order_by":1,"parent_id":null,"metadata":{},"date_created":"2026-06-26 03:43:52","date_modified":"2026-06-26 03:43:52","permalink":{"id":208257,"object_type":"structure","relational_id":12779,"identifier":"36","token":"36","url":"\/36\/","edition_id":1,"permalink":0,"preferred":1}}],"structure_contents":[{"id":85732,"structure_id":15420,"section_number":"36-131","catch_line":"Definitions","url":"\/36-131\/","token":"36\/8\/36-131","metadata":false},{"id":78232,"structure_id":15420,"section_number":"36-132","catch_line":"Creation of Department; appointment of Director","url":"\/36-132\/","token":"36\/8\/36-132","metadata":false},{"id":79307,"structure_id":15420,"section_number":"36-132.1","catch_line":"Commission on Local Government","url":"\/36-132.1\/","token":"36\/8\/36-132.1","metadata":false},{"id":72675,"structure_id":15420,"section_number":"36-133","catch_line":"Director to supervise Department","url":"\/36-133\/","token":"36\/8\/36-133","metadata":false},{"id":70092,"structure_id":15420,"section_number":"36-134","catch_line":"General powers of Director","url":"\/36-134\/","token":"36\/8\/36-134","metadata":false},{"id":79131,"structure_id":15420,"section_number":"36-135","catch_line":"Board of Housing and Community Development; members; terms; chairman; appointment of ad hoc committee","url":"\/36-135\/","token":"36\/8\/36-135","metadata":false},{"id":59665,"structure_id":15420,"section_number":"36-136","catch_line":"Meetings of Board","url":"\/36-136\/","token":"36\/8\/36-136","metadata":false},{"id":67323,"structure_id":15420,"section_number":"36-137","catch_line":"Powers and duties of Board; appointment of Building Code Academy Advisory Committee","url":"\/36-137\/","token":"36\/8\/36-137","metadata":false},{"id":64849,"structure_id":15420,"section_number":"36-138","catch_line":"Repealed","url":"\/36-138\/","token":"36\/8\/36-138","metadata":false},{"id":62273,"structure_id":15420,"section_number":"36-139","catch_line":"Powers and duties of Director","url":"\/36-139\/","token":"36\/8\/36-139","metadata":false},{"id":72598,"structure_id":15420,"section_number":"36-139.01","catch_line":"Department to develop form; smoke alarms in rental units","url":"\/36-139.01\/","token":"36\/8\/36-139.01","metadata":false},{"id":61773,"structure_id":15420,"section_number":"36-139.02","catch_line":"Translation of forms and documents","url":"\/36-139.02\/","token":"36\/8\/36-139.02","metadata":false},{"id":70645,"structure_id":15420,"section_number":"36-139.1","catch_line":"Sale of real property for housing demonstration projects","url":"\/36-139.1\/","token":"36\/8\/36-139.1","metadata":false},{"id":80967,"structure_id":15420,"section_number":"36-139.10","catch_line":"(Effective January 1, 2026) Department of Housing and Community Development consolidated report","url":"\/36-139.10\/","token":"36\/8\/36-139.10","metadata":false},{"id":68779,"structure_id":15420,"section_number":"36-139.2","catch_line":"Repealed","url":"\/36-139.2\/","token":"36\/8\/36-139.2","metadata":false},{"id":62844,"structure_id":15420,"section_number":"36-139.5","catch_line":"Power to enter into agreements with owners of housing developments eligible for federal low-income housing credits","url":"\/36-139.5\/","token":"36\/8\/36-139.5","metadata":false},{"id":58707,"structure_id":15420,"section_number":"36-139.5:1","catch_line":"Eligibility for Industrial Site Development Program","url":"\/36-139.5_1\/","token":"36\/8\/36-139.5_1","metadata":false},{"id":62384,"structure_id":15420,"section_number":"36-139.6","catch_line":"Additional powers and duties of Director; oversight of planning district commissions","url":"\/36-139.6\/","token":"36\/8\/36-139.6","metadata":false},{"id":69047,"structure_id":15420,"section_number":"36-139.7","catch_line":"Boundaries of planning districts","url":"\/36-139.7\/","token":"36\/8\/36-139.7","metadata":false},{"id":66872,"structure_id":15420,"section_number":"36-139.8","catch_line":"Repealed","url":"\/36-139.8\/","token":"36\/8\/36-139.8","metadata":false},{"id":62789,"structure_id":15420,"section_number":"36-139.9","catch_line":"Local housing policy; report to Department","url":"\/36-139.9\/","token":"36\/8\/36-139.9","metadata":false},{"id":87243,"structure_id":15420,"section_number":"36-140","catch_line":"Repealed","url":"\/36-140\/","token":"36\/8\/36-140","metadata":false},{"id":58755,"structure_id":15420,"section_number":"36-140.01","catch_line":"Virginia Community Development Financial Institutions Fund and Program; report","url":"\/36-140.01\/","token":"36\/8\/36-140.01","metadata":false}],"previous_section":{"id":87243,"structure_id":15420,"section_number":"36-140","catch_line":"Repealed","url":"\/36-140\/","token":"36\/8\/36-140","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/36-140.01\/","history_text":"

This law was first created in 2023. The record of its establishment is cataloged in chapters 639<\/a> and 640<\/a> of that year\u2019s edition of \u201cActs of Assembly,\u201d the annual state publication listing all changes made to the Code of Virginia in that year.<\/p>","references":[{"id":80967,"section_number":"36-139.10","catch_line":"(Effective January 1, 2026) Department of Housing and Community Development consolidated report","order_by":null,"url":"\/36-139.10\/"}],"refers_to":false,"permalink":{"id":209613,"object_type":"law","relational_id":58755,"identifier":"36-140.01","token":"36\/8\/36-140.01","url":"\/36-140.01\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/36-140.01\/","token":"36\/8\/36-140.01","dublin_core":{"Title":"Virginia Community Development Financial Institutions Fund and Program; report","Type":"Text","Format":"text\/html","Identifier":"\u00a7 36-140.01","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

A.<\/span> For the purposes of this section:\n\t\t\t“Financing<\/span>” means (i) loans, grants, or forgivable loans that are used to start, expand, or support small businesses or nonprofit organizations; to provide operating and working capital to small businesses; or for property renovation or development or (ii) ancillary services related to such loans, grants, or forgivable loans, including technical assistance and credit counseling<\/span>.\n\t\t\t“Fund<\/span>” means the Virginia Community Development Financial Institutions Fund<\/span> described in subsection B.\n\t\t\t“Microfinancing<\/span>” means providing financing<\/span> to small businesses in amounts of $100,000 or less.\n\t\t\t“Program<\/span>” means the Virginia Community Development Financial Institutions Program<\/span> described in subsection C.\n\t\t\t“Qualifying institution<\/span>” means a community development financial institution (CDFI), community development bank (CDB), or community development credit union that the Secretary of Commerce and Trade finds is (i) legally qualified to do business within the Commonwealth, (ii) subject to oversight by the applicable federal or state financial institution or insurance regulatory agencies, and (iii) eligible for certification by the U.S. Department<\/span> of the Treasury as a CDFI. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

B.<\/span> There is hereby continued in the state treasury a special nonreverting fund<\/span> known as the Virginia Community Development Financial Institutions Fund<\/span>, originally established in Item 114, Chapter 552 of the Acts of Assembly of 2021, Special Session I. The Fund<\/span> shall be continued on the books of the Comptroller. All funds<\/span> appropriated for such purpose and any gifts, donations, grants, bequests, and other funds<\/span> received on its behalf shall be paid into the state treasury and credited to the Fund<\/span>. Interest earned on moneys in the Fund<\/span> shall remain in the Fund<\/span> and be credited to it. Any moneys remaining in the Fund<\/span>, including interest thereon, at the end of each fiscal year shall not revert to the general fund<\/span> but shall remain in the Fund<\/span>. Moneys in the Fund<\/span> shall be used solely for the purposes of providing financing<\/span> to qualifying institutions<\/span> as part of the Program<\/span> established by subsection C. Expenditures and disbursements from the Fund<\/span> shall be made by the State Treasurer on warrants issued by the Comptroller upon written request signed by the Director<\/span> of the Department<\/span> of Housing and Community Development. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

C.<\/span> 1. There is hereby created the Virginia Community Development Financial Institutions Program<\/span> to provide grants and loans to qualifying institutions<\/span> to provide financing<\/span> to support small businesses, housing development and rehabilitation projects, and community revitalization real estate projects in the Commonwealth. In providing financing<\/span> to small businesses, qualifying institutions<\/span> shall emphasize microfinancing<\/span>. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

2.<\/span> a. Qualifying institutions<\/span> shall be required, as a condition of receiving funds<\/span> from the Program<\/span>, to use such funds<\/span> only for the purposes described in this section. Such funds<\/span> shall be kept segregated by the qualifying institutions<\/span> from all other funds<\/span>. In the event that funds<\/span> provided by the Program<\/span> are used for any purpose other than those described in this section, the qualifying institution<\/span> shall repay such funds<\/span> to the Program<\/span>.\n\t\t\t\tb. Notwithstanding the provisions of subdivision a, (i) income in the form of interest, fees, or gains earned by a qualifying institution<\/span> from providing financing<\/span> and (ii) administrative costs incurred in administering Program<\/span> funds<\/span> shall not be subject to the restrictions provided by subdivision a. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

D.<\/span> The Department<\/span> shall develop appropriate criteria and guidelines for the use of funding provided from the Fund<\/span> and shall establish monitoring and accountability mechanisms for organizations receiving funding. Additionally, the Department<\/span> shall (i) identify qualifying institutions<\/span> based on criteria developed by the Department<\/span> and in accordance with this section; (ii) ensure that grants and loans provided by the Program<\/span> are utilized in a manner that aligns with the Program<\/span>’s goal of promoting housing and community development, capital access, housing access, and small business support; (iii) ensure that in using funds<\/span> provided by the Program<\/span>, qualifying institutions<\/span> emphasize microfinancing<\/span> to small businesses; (iv) establish a mechanism for obtaining repayment of misused funds<\/span> in accordance with subdivision C 2 a; and (v) utilize Program<\/span> funds<\/span> to promote collaborative and cooperative projects with public and private sector partners that align with the purposes of the Program<\/span>. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

E.<\/span> On or before December 1 of each year, the Department<\/span> shall submit a report to the Secretary of Commerce and Trade, the Governor, and the Chairmen of the House Committee on Appropriations and the Senate Committee on Finance and Appropriations. The report shall describe the number of projects funded; the geographic distribution of the projects; the costs of the Program<\/span>; and the outcomes, including the number and total amount of loans, grants, and forgivable loans deployed, the number and type of jobs created or retained, and other community revitalization projects associated with the Program<\/span>. The report shall also provide information on such other matters regarding the Fund<\/span> as the Department<\/span> may deem appropriate or other items as may be requested by any of the foregoing persons to whom such report is to be submitted. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nVIRGINIA COMMUNITY DEVELOPMENT FINANCIAL INSTITUTIONS FUND AND PROGRAM; REPORT\n(\u00a7 36-140.01)\n\nA. For the purposes of this section:\n\t\t\t“Financing” means (i) loans, grants, or forgivable loans that are\nused to start, expand, or support small businesses or nonprofit organizations;\nto provide operating and working capital to small businesses; or for property\nrenovation or development or (ii) ancillary services related to such loans,\ngrants, or forgivable loans, including technical assistance and credit\ncounseling.\n\t\t\t“Fund” means the Virginia Community Development Financial\nInstitutions Fund described in subsection B.\n\t\t\t“Microfinancing” means providing financing to small businesses in\namounts of $100,000 or less.\n\t\t\t“Program” means the Virginia Community Development Financial\nInstitutions Program described in subsection C.\n\t\t\t“Qualifying institution” means a community development financial\ninstitution (CDFI), community development bank (CDB), or community development\ncredit union that the Secretary of Commerce and Trade finds is (i) legally\nqualified to do business within the Commonwealth, (ii) subject to oversight by\nthe applicable federal or state financial institution or insurance regulatory\nagencies, and (iii) eligible for certification by the U.S. Department of the\nTreasury as a CDFI.\n\nB. There is hereby continued in the state treasury a special nonreverting fund\nknown as the Virginia Community Development Financial Institutions Fund,\noriginally established in Item 114, Chapter 552 of the Acts of Assembly of 2021,\nSpecial Session I. The Fund shall be continued on the books of the Comptroller.\nAll funds appropriated for such purpose and any gifts, donations, grants,\nbequests, and other funds received on its behalf shall be paid into the state\ntreasury and credited to the Fund. Interest earned on moneys in the Fund shall\nremain in the Fund and be credited to it. Any moneys remaining in the Fund,\nincluding interest thereon, at the end of each fiscal year shall not revert to\nthe general fund but shall remain in the Fund. Moneys in the Fund shall be used\nsolely for the purposes of providing financing to qualifying institutions as\npart of the Program established by subsection C. Expenditures and disbursements\nfrom the Fund shall be made by the State Treasurer on warrants issued by the\nComptroller upon written request signed by the Director of the Department of\nHousing and Community Development.\n\nC. 1. There is hereby created the Virginia Community Development Financial\nInstitutions Program to provide grants and loans to qualifying institutions to\nprovide financing to support small businesses, housing development and\nrehabilitation projects, and community revitalization real estate projects in\nthe Commonwealth. In providing financing to small businesses, qualifying\ninstitutions shall emphasize microfinancing.\n\n 2. a. Qualifying institutions shall be required, as a condition of receiving\n funds from the Program, to use such funds only for the purposes described in\n this section. Such funds shall be kept segregated by the qualifying\n institutions from all other funds. In the event that funds provided by the\n Program are used for any purpose other than those described in this section,\n the qualifying institution shall repay such funds to the Program.\n \t\t\t\tb. Notwithstanding the provisions of subdivision a, (i) income in the form\n of interest, fees, or gains earned by a qualifying institution from providing\n financing and (ii) administrative costs incurred in administering Program\n funds shall not be subject to the restrictions provided by subdivision a.\n\nD. The Department shall develop appropriate criteria and guidelines for the use\nof funding provided from the Fund and shall establish monitoring and\naccountability mechanisms for organizations receiving funding. Additionally, the\nDepartment shall (i) identify qualifying institutions based on criteria\ndeveloped by the Department and in accordance with this section; (ii) ensure\nthat grants and loans provided by the Program are utilized in a manner that\naligns with the Program’s goal of promoting housing and community\ndevelopment, capital access, housing access, and small business support; (iii)\nensure that in using funds provided by the Program, qualifying institutions\nemphasize microfinancing to small businesses; (iv) establish a mechanism for\nobtaining repayment of misused funds in accordance with subdivision C 2 a; and\n(v) utilize Program funds to promote collaborative and cooperative projects with\npublic and private sector partners that align with the purposes of the Program.\n\nE. On or before December 1 of each year, the Department shall submit a report to\nthe Secretary of Commerce and Trade, the Governor, and the Chairmen of the House\nCommittee on Appropriations and the Senate Committee on Finance and\nAppropriations. The report shall describe the number of projects funded; the\ngeographic distribution of the projects; the costs of the Program; and the\noutcomes, including the number and total amount of loans, grants, and forgivable\nloans deployed, the number and type of jobs created or retained, and other\ncommunity revitalization projects associated with the Program. The report shall\nalso provide information on such other matters regarding the Fund as the\nDepartment may deem appropriate or other items as may be requested by any of the\nforegoing persons to whom such report is to be submitted.\n\nHISTORY: 2023, cc. 639, 640.","edition":{"id":1,"name":"2025","slug":"2025","date_created":"2026-06-21 22:39:22","date_modified":"2026-06-21 22:39:22","current":1,"order_by":1,"last_import":null}}