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2023 Session

Budget Amendments - SB800 (Member Request)

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Chief Patron: McClellan
SB 1320: Community Development Financial Institutions Fund

Item 115 #3s

Item 115 #3s

First Year - FY2023 Second Year - FY2024
Commerce and Trade
Department of Housing and Community Development FY2023 $0 FY2024 $30,000,000 GF

Language
Page 109, line 16, strike "$187,160,442" and insert "$217,160,442".

Page 118, after line 37, insert:

"Y. Out of the amounts in this Item, $30,000,000 the second year from the general fund is provided to support the Virginia Community Development Financial Institutions Fund as established in Senate Bill 1320."



Explanation

(This amendment provides $30 million GF in the second year to support the Virginia Community Development Financial Institutions Fund and program. Senate Bill 1320 of the 2023 General Assembly codifies 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 provides grants and loans to community development financial institutions and other similar entities for the purpose of providing financing to small businesses, housing development and rehabilitation projects, and community revitalization real estate projects in the Commonwealth.)