Code of the District of Columbia

§ 2–281.02. Establishment of the Equity Impact Fund.

(a)(1) The Mayor shall select one or more Fund Managers to manage a fund outside the District of Columbia government to be known as the Equity Impact Fund ("Fund").

(2) The selected Fund Managers shall have completed at least one round of prior funding in an amount greater than or equal to the amount of the District's initial grant.

(3) The Deputy Mayor for Planning and Economic Development ("Deputy Mayor") shall provide, upon selection of the Fund Manager, the District's initial grant to the Fund Manager for deposit into the Fund ("District's initial investment").

(4) Notwithstanding § 1-328.13, the Deputy Mayor may make subsequent grants to the Fund Manager for deposit into the Fund.

(b) The Fund shall be used to:

(1) Facilitate investment in eligible businesses that lack access to capital; and

(2) Make investments into eligible businesses based on a strategy determined by the Fund Managers.

(c) Repealed.