HB1411
Virginia Community Development Financial Institutions Fund and Program; codifies Fund, etc.
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 SB 1320. (Less)-
Bill History
- 12/06/2022 - House: Prefiled and ordered printed; offered 01/11/23 23100609D
- 12/06/2022 - House: Referred to Committee on Appropriations
- 01/13/2023 - House: Assigned App. sub: Commerce Agriculture & Natural Resources
- 01/18/2023 - House: House subcommittee amendments and substitutes offered
- 01/18/2023 - House: Subcommittee recommends reporting with substitute (8-Y 0-N)
- 01/18/2023 - House: Reported from Appropriations with substitute (22-Y 0-N)
- 01/18/2023 - House: Committee substitute printed 23104735D-H1
- 01/20/2023 - House: Read first time
- 01/23/2023 - House: Read second time
- 01/23/2023 - House: Committee substitute agreed to 23104735D-H1
- 01/23/2023 - House: Engrossed by House - committee substitute HB1411H1
- 01/24/2023 - House: Impact statement from DPB (HB1411H1)
- 01/24/2023 - House: Read third time and passed House (98-Y 2-N)
- 01/24/2023 - House: VOTE: (98-Y 2-N)
- 01/25/2023 - Senate: Constitutional reading dispensed
- 01/25/2023 - Senate: Referred to Committee on Finance and Appropriations
- 02/08/2023 - Senate: Reported from Finance and Appropriations (14-Y 0-N)
- 02/09/2023 - Senate: Constitutional reading dispensed (40-Y 0-N)
- 02/10/2023 - Senate: Read third time
- 02/10/2023 - Senate: Passed Senate (39-Y 0-N)
- 02/14/2023 - House: Enrolled
- 02/14/2023 - House: Bill text as passed House and Senate (HB1411ER)
- 02/14/2023 - House: Impact statement from DPB (HB1411ER)
- 02/14/2023 - House: Signed by Speaker
- 02/14/2023 - Senate: Signed by President
- 02/27/2023 - House: Enrolled Bill communicated to Governor on February 27, 2023
- 02/27/2023 - Governor: Governor's Action Deadline 11:59 p.m., March 27, 2023
- 03/26/2023 - Governor: Approved by Governor-Chapter 639 (effective 7/1/23)
- 03/26/2023 - Governor: Acts of Assembly Chapter text (CHAP0639)
