§ 2–281.02. Establishment of the Equity Impact Fund.
*NOTE: This section includes amendments by temporary legislation that will expire on March 10, 2022. To view the text of this section after the expiration of the temporary legislation, click this link: Permanent Version.*
(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 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").
(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) 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.