Establishes the Maine Community Development Financial Institution Fund and Program to support housing and economic development.
This bill establishes the Maine Community Development Financial Institution Fund and the Maine Community Development Financial Institution Program within the Department of Economic and Community Development. The fund will provide grants and loans to community development financial institutions to support housing and economic development, capital access, housing access, and small business support in underserved communities. The fund will receive an initial $500,000 transfer from the unappropriated surplus of the General Fund.
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