Bill > LD1500

This bill establishes the Maine Community Development Financial Institution Program and Fund to support small businesses, rural economic development, and affordable housing. It allows the Treasurer of State to deposit up to $10,000,000 annually into community development financial institutions (CDFIs), which are defined as institutions legally qualified to do business in Maine, overseen by regulatory agencies, and certified by the U.S. Department of the Treasury. These deposits will be made at a rate no more than 2% below market rates for up to two years. The bill also creates the Maine Community Development Financial Institution Fund within the Department of Economic and Community Development, which will receive legislative appropriations and other funds to provide financing, including loans, grants, and forgivable loans, to CDFIs. These CDFIs will then use the funds to offer financial products to underserved communities in Maine, promoting housing, economic development, capital access, and small business support. The department is required to establish rules for the program, including monitoring and accountability, and will report on the fund's activities to the Legislature starting in 2026. The bill also includes a small appropriation for the fund's administrative costs.

Housing and Urban Affairs

https://legislature.maine.gov/legis/bills/display_ps.asp?LD=1500&snum=132