Establishes the Redevelopment Authority Startup Loan Program and Fund to provide loans to redevelopment authorities in qualified counties.

The bill establishes the Redevelopment Authority Startup Loan Program and the Redevelopment Authority Startup Fund within the Department of Community and Economic Development. It authorizes the Department to issue startup loans of up to $500,000 to qualified redevelopment authorities for purchasing or redeveloping residential or commercial properties. The loans cannot be used for operating expenses or refinancing existing debts. The fund is financed by an initial $10,000,000 transfer from the State Treasury and repayments from the loan recipients.

Establishes the Redevelopment Authority Startup Loan Program and Fund to provide loans to redevelopment authorities in qualified counties.

The bill establishes the Redevelopment Authority Startup Loan Program and the Redevelopment Authority Startup Fund within the Department of Community and Economic Development. It authorizes the Department to issue startup loans of up to $500,000 to qualified redevelopment authorities for purchasing or redeveloping residential or commercial properties. The loans cannot be used for operating expenses or refinancing existing debts. The fund is financed by an initial $10,000,000 transfer from the State Treasury and repayments from the loan recipients.