(20 ILCS 3820/50)
(a) A CDFI must be accredited by the Authority in order to receive
assistance from the Authority, unless otherwise specified in this Act.
The Authority may revoke accreditation from a CDFI that no longer
meets the Authority's accreditation criteria. Accreditation of a CDFI
under this Act does not, in and of itself, qualify the CDFI to
participate in a financing program administered by the Authority.
(b) Authority criteria for accreditation must include certification
under the federal Community Development Banking and Financial
Institutions Act of 1994 (Public Law 103-325) and any other criteria that
the Authority deems appropriate.
(c) The Authority shall accredit CDFIs in a manner to
ensure the use of CDFIs in all geographic regions of this State to the
greatest extent possible.
(Source: P.A. 92-864, eff. 6-1-03.)