-
Current through October 23, 2012
(a) The Mayor shall not deposit more than 10% of the total funds deposited in the Capital Access Fund into reserve accounts for capital access loans requiring a 200% match under § 2-1210.06(d)(3). The 10% limitation under this subsection may be waived at the discretion of the Mayor upon a finding that the total amount of funds deposited in the Capital Access Fund by the District shall result in at least $10 of enrolled loans by financial institutions for each dollar deposited by the District.
(b) The amount deposited by the Mayor into a reserve account for any single loan recipient shall not exceed $400,000 during a 3-year period.
(c) The maximum amount that the Mayor may deposit into a reserve account for each enrolled loan made under this subchapter shall be the greater of $35,000 or an amount equal to:
(1) Fourteen percent of the enrolled loan amount if:
(A) The borrower is financing an enterprise project or is located in, or financing a project, activity, or enterprise in, an area in the District of Columbia Enterprise Zone under section 1400 of the Internal Revenue Code of 1986, approved August 5, 1997 (111 Stat. 863; 26 U.S.C. § 1400); or
(B) The financial institution is a community development financial institution, as defined in section 103(5) of the Riegle Community Development and Regulatory Improvement Act of 1994, approved September 23, 1994 (108 Stat. 2163; 12 U.S.C. § 4702(5)); or
(2) Seven percent of the loan amount for any other borrower.
(Mar. 12, 2011, D.C. Law 18-322, § 8, 57 DCR 12442.)
HISTORICAL AND STATUTORY NOTES
Emergency Act Amendments
For temporary (90 day) addition of section, see § 8 of Capital Access Program Emergency Act of 2010 (D.C. Act 18-598, November 17, 2010, 57 DCR 11018).
For temporary (90 day) addition of section, see § 8 of Capital Access Program Congressional Review Emergency Act of 2011 (D.C. Act 19-6, February 11, 2011, 58 DCR 1408).
Legislative History of Laws
For history of Law 18-322, see notes under § 2-1210.01.
