D.C. Act 24-61. Equitable Impact Assistance for Local Businesses Emergency Amendment Act of 2021.

AN ACT

To amend, on an emergency basis, the Equitable Impact Assistance for Local Businesses Act of 2020 to clarify what types of investments the Fund Manager can provide to an eligible business, provide that the Fund Manager shall establish as well as manage the Equity Impact Fund, and clarify that the initial District contribution to the Equity Impact Fund shall be in the form of a grant.

BE IT ENACTED BY THE COUNCIL OF THE DISTRICT OF COLUMBIA, That this act may be cited as the "Equitable Impact Assistance for Local Businesses Emergency Amendment Act of 2021".

Sec. 2. The Equitable Impact Assistance for Local Businesses Act of 2020, effective December 3, 2020 (D.C. Law 23-149; D.C. Official Code § 2-281.01 et seq.), is amended as follows:

(a) Section 2162 (D.C. Official Code § 2-281.01) is amended by adding a new paragraph (5A) to read as follows:

"(5A) "Investment" means a grant, loan, credit enhancement, or other financial funding tool approved by the Mayor.".

(b) Section 2163 (D.C. Official Code § 2-281.02) is amended as follows:

(1) Subsection (a) is amended as follows:

(A) Paragraph (1) is amended to read as follows:

"(1) The Mayor shall select a Fund Manager to establish and manage a fund outside the District of Columbia government to be known as the Equity Impact Fund ("Fund").".

(B) Paragraph (2) is amended as follows:

(i) Strike the phrase "Manager, $1.25 million" and insert the phrase "Manager, a grant of $1.25 million" in its place.

(ii) Strike the phrase "Year 2021 for deposit into the Fund ("District's initial investment")" and insert the phrase "Year 2021 to the Fund Manager for deposit by the Fund Manager into the Fund ("District's initial grant")" in its place.

(2) Subsection (b) is amended by striking the phrase "Fund, other amounts, if any," and inserting the phrase "Fund and granted by the Deputy Mayor for Planning and Economic Development to the Fund Manager, other amounts, if any," it is place.

(c) Subsection (c) is amendment by striking the phrase "investment in businesses" and inserting the phrase "investment in eligible businesses" in its place.

(c) Section 2164(b) (D.C. Official Code § 2-281.03(b)) is amended as follows:

(1) Paragraph (1) is amended as follows:

(A) Strike the phrase "disadvantaged individuals or individuals who" and insert the phrase "disadvantaged individuals, individuals who" in its place.

(B) Strike the phrase "individual qualities; and" and insert the phrase "individual qualities, or equity impact enterprises; and" in its place.

(d) Section 2165(b)(3) (D.C. Official Code § 2-281.04(b)(3)) is amended as follows:

(1) Strike the phrase "described in the business's" and insert the phrase "described in the eligible business's" in its place.

(2) Strike the phrase "cost to the business," and insert the phrase "cost to the eligible business," in its place.

(e) Section 2167 (D.C. Official Code § 2-281.06) is amended as follows:

(1) The heading is amended by striking the word "investment" and inserting the word "grant" in its place.

(2) The text is amended as follows:

(A) Strike the phrase "amount of its initial investment into the Fund" and insert the phrase "amount of the District's initial grant or any subsequent grant of funds to the Fund Manager for deposit into the Fund" in its place.

(B) Strike the phrase "initial investment into the Fund." and insert the phrase "initial investment or any subsequent grant of funds to the Fund Manager for deposit into the Fund." in its place.

Sec. 3. Fiscal impact statement.

The Council adopts the fiscal impact statement of the Budget Director as the fiscal impact statement required by section 4a of the General Legislative Procedures Act of 1975, approved October 16, 2006 (120 Stat. 2038; D.C. Official Code § 1-301.47a).

Sec. 4. Effective date.

This act shall take effect following approval by the Mayor (or in the event of veto by the Mayor, action by the Council to override the veto), and shall remain in effect for no longer than 90 days, as provided for emergency acts of the Council of the District of Columbia in section

412(a) of the District of Columbia Home Rule Act, approved December 24, 1973 (87 Stat. 788; D.C. Official Code § 1-204.12(a)).