(20 ILCS 3820/55)
Sec. 55.
Authority's responsibilities.
(a) The Authority shall make grants and low-rate loans to CDFIs
so that CDFIs may fill a credit gap by engaging in below market rate
financing in economically disadvantaged communities and to low income
people.
As part of a grant or loan agreement, a CDFI may request and the Authority may
consent to having the grant or loan proceeds paid directly to a CDFI's
creditor. As part of a loan agreement, the Authority may require additional
security from the CDFI, including without limitation a pledge of a certain
percentage of the
CDFI's assets or future earnings.
(b) The Authority shall provide technical assistance to
CDFIs to (i) expand the financial services the CDFI sector
offers, such as micro-business lending, facilities financing, low income
housing financing, and personal financial services for low income
persons, (ii) encourage the establishment of downstate CDFIs, and (iii)
provide technical assistance and training to CDFIs' borrowers.
(Source: P.A. 92-864, eff. 6-1-03.)
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