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ME LD1500
Bill
Status
6/25/2025
Primary Sponsor
Melanie Sachs
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AI Summary
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Establishes the Maine Community Development Financial Institution Fund and Program within the Department of Economic and Community Development to provide grants and loans to U.S. Treasury-certified community development financial institutions (CDFIs)
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Authorizes the State Treasurer to deposit up to $10,000,000 annually with CDFIs at below-market interest rates (up to 2% below standard returns) for terms not exceeding 2 years
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Transfers $500,000 from the General Fund unappropriated surplus to the new fund by November 1, 2025, with up to 10% available for administrative costs
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Requires CDFIs to deploy funds as loans, grants, and forgivable loans to underserved communities for housing access, small business support, and economic development
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Mandates biannual reporting to the Legislature beginning January 1, 2026, on funding commitments and program activities
Legislative Description
An Act to Establish the Maine Community Development Financial Institution Fund to Support Small Businesses, Rural Economic Development and Affordable Housing
Economic Development
Last Action
HELD BY THE GOVERNOR.
7/8/2025