1. (a)

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

2. (b) The Fund shall be used to:

   1. (1) Facilitate investment in eligible businesses that lack access to capital; and
   2. (2) Make investments into eligible businesses based on a strategy determined by the Fund Managers.
3. (c) Repealed.

History

Dec. 3, 2020, D.C. Law 23-149, § 2163

Nov. 13, 2021, D.C. Law 24-45, § 2202(b)

Sept. 21, 2022, D.C. Law 24-167, § 2033

Emergency Legislation

For temporary (90 days) amendment of this section, see § 2(b) of Equitable Impact Assistance for Local Businesses Emergency Amendment Act of 2021 (D.C. Act 24-61, May 3, 2021, 68 DCR 004821).

For temporary (90 days) amendment of this section, see § 2033 of Fiscal Year 2023 Budget Support Emergency Act of 2022 (D.C. Act 24-470, July 13, 2022, 69 DCR 008707).

Temporary Legislation

For temporary (225 days) amendment of this section, see § 2(b) of Equitable Impact Assistance for Local Businesses Temporary Amendment Act of 2021 (D.C. Law 24-11, July 28, 2021, 68 DCR 005829).