*NOTE: This section includes amendments by emergency legislation that will expire on August 1, 2021. To view the text of this section after the expiration of the emergency legislation, click this link: Permanent Version.*
(a)(1) There is established a fund outside the General Fund of the District of Columbia, designated as the Equity Impact Fund ("Fund"), which shall be managed by a Fund Manager selected by the Mayor.
(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").
(2) The Deputy Mayor for Planning and Economic Development shall provide, upon selection of the Fund Manager, a grant of $1.25 million in the aggregate in Fiscal Year 2021 to the Fund Manager for deposit by the Fund Manager into the Fund ("District's initial grant").
(b) The Fund shall be funded by money appropriated for the purposes of the Fund and granted by the Deputy Mayor for Planning and Economic Development to the Fund Manager, other amounts, if any, received by the District or Fund Manager for deposit into the Fund, and any monies received as gifts, grants, donations, and awards.
(c) Money in the Fund shall be used for the following purposes:
(1) To facilitate investment in eligible businesses that lack access to capital;
(2) To make investments into eligible businesses based on an investment strategy determined by the Fund Manager; and
(3) To administer the Fund, including the provision of technical assistance to eligible businesses; provided, that no more than 15% of the District's initial investment may be used annually for this purpose.