FL S0240

Establishes the Community Investment Program within the Department of Economic Opportunity to encourage private sector investment in economically disadvantaged communities (those with income not exceeding 80 percent of area median income).

Creates a seven-member Community Investment Council chaired by the Department of Economic Opportunity's executive director, including the Chief Financial Officer, three Governor-appointed members, and one member each appointed by the Senate President and House Speaker.

Requires the council to develop and maintain a database of disadvantaged communities, compile public funding resources, establish criteria for "triple bottom-line investment funds" (vehicles pursuing market returns while generating living wage jobs and affordable housing), and submit annual reports to the Governor and Legislature.

Sets a goal of obtaining at least $1 million in new private investment through eligible investment funds in real estate developments and businesses located in economically disadvantaged communities by January 1, 2021.

Establishes a four-member legislative advisory committee composed of two Senate members and two House members (one from each major political party in each chamber) to advise the council.