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2023 Session

Budget Amendments - HB1400 (Floor Approved)

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HB 1411: Community Development Financial Institutions Fund

Item 115 #7h

Item 115 #7h

First Year - FY2023 Second Year - FY2024
Commerce and Trade
Department of Housing and Community Development FY2023 $0 FY2024 $5,300,000 GF
FY2023 0.00 FY2024 2.00 FTE

Language
Page 109, line 16, strike "$187,160,442" and insert "$192,460,442".

Page 114, line 38, after "Q." strike remainder of the line and insert:

"Out of this appropriation, $5,300,000 the second year from the general fund is provided to effectuate the provisions of House Bill 1411 of the 2023 General Assembly and capitalize the Community Development Financial Institutions Fund. Of these amounts, the department is authorized to use up to $300,000 to administer these funds."

Page 114, strike lines 39 through 48.



Explanation

(This amendment provides $5.3 million in fiscal year 2024 from the general fund to recapitalize the Community Development Financial Institutions Fund to invest in small businesses and housing projects.)