An Act To Establish The Maine Community Development Financial Institution Fund To Support Small Businesses, Rural Economic Development And Affordable Housing

LD 1500 establishes the Maine Community Development Financial Institution Fund within the Department of Economic and Community Development to provide grants and loans to certified community development financial institutions (CDFIs). The fund, initially capitalized with $500,000 from the General Fund's unappropriated surplus, will support small businesses, rural economic development, and affordable housing projects in underserved communities as defined by the U.S. Department of the Treasury. CDFIs receiving funds must deploy them as loans, grants, or forgivable loans to underserved communities within Maine. The Department of Economic and Community Development will administer the program and provide biannual reports to the Legislature on fund usage.