SB1320
Virginia Community Development Financial Institutions Fund and Program; codifies Fund, etc.
Status:
Enacted
Chief Patrons:
Dave Marsden (D)
Jennifer McClellan (D)
Session:
2023 Regular Session
Summary
As Passed House of Origin. Virginia Community Development Financial Institutions Fund and Program; report.
Codifies the Virginia Community Development Financial Institutions Fund, originally created in the 2021 Appropriation Act, and establishes the Virginia Community Development Financial Institutions Program to carry out the purposes of the Fund. The Program shall provide grants and loans to community development financial institutions and other similar entities for the ... (More) purpose of providing financing to small businesses, housing development and rehabilitation projects, and community revitalization real estate projects in the Commonwealth. The bill requires the Department of Housing and Community Development to oversee the Fund and Program and to (i) identify qualified recipients of funding; (ii) ensure that grants and loans promote housing and community development, capital access, housing access, and small business support; (iii) ensure that qualified recipients emphasize microfinancing, defined as financing to small businesses in amounts of $100,000 or less, in using program funds; and (iv) utilize Program funds to promote collaborative and cooperative projects with public and private sector partners. The bill requires the Department to submit an annual report on the use and impact of funding provided. This bill is identical to HB 1411. (Less)-
Bill History
- 01/10/2023 - Senate: Prefiled and ordered printed; offered 01/11/23 23101527D
- 01/10/2023 - Senate: Referred to Committee on General Laws and Technology
- 01/18/2023 - Senate: Reported from General Laws and Technology (14-Y 0-N)
- 01/18/2023 - Senate: Rereferred to Finance and Appropriations
- 01/24/2023 - Senate: Impact statement from DPB (SB1320)
- 01/31/2023 - Senate: Senate committee, floor amendments and substitutes offered
- 01/31/2023 - Senate: Reported from Finance and Appropriations with substitute (14-Y 0-N)
- 01/31/2023 - Senate: Committee substitute printed 23105924D-S1
- 02/01/2023 - Senate: Constitutional reading dispensed (40-Y 0-N)
- 02/02/2023 - Senate: Impact statement from DPB (SB1320S1)
- 02/02/2023 - Senate: Read second time
- 02/02/2023 - Senate: Reading of substitute waived
- 02/02/2023 - Senate: Committee substitute agreed to 23105924D-S1
- 02/02/2023 - Senate: Engrossed by Senate - committee substitute SB1320S1
- 02/02/2023 - Senate: Constitutional reading dispensed (40-Y 0-N)
- 02/02/2023 - Senate: Passed Senate (40-Y 0-N)
- 02/10/2023 - House: Placed on Calendar
- 02/10/2023 - House: Read first time
- 02/10/2023 - House: Referred to Committee on Appropriations
- 02/10/2023 - House: Assigned App. sub: Commerce Agriculture & Natural Resources
- 02/13/2023 - House: Reported from Appropriations (21-Y 0-N)
- 02/15/2023 - House: Read second time
- 02/16/2023 - House: Read third time
- 02/16/2023 - House: Passed House (95-Y 2-N)
- 02/16/2023 - House: VOTE: Passage (95-Y 2-N)
- 02/21/2023 - Senate: Enrolled
- 02/21/2023 - Senate: Bill text as passed Senate and House (SB1320ER)
- 02/21/2023 - Senate: Impact statement from DPB (SB1320ER)
- 02/21/2023 - House: Signed by Speaker
- 02/24/2023 - Senate: Signed by President
- 03/02/2023 - Senate: Enrolled Bill Communicated to Governor on March 2, 2023
- 03/02/2023 - Governor: Governor's Action Deadline 11:59 p.m., March 27, 2023
- 03/26/2023 - Governor: Approved by Governor-Chapter 640 (effective 7/1/23)
- 03/26/2023 - Governor: Acts of Assembly Chapter text (CHAP0640)
