Bill Sponsor
Illinois House Bill 1960
Session 102nd
Black Wall Street Program
Active
Active
Failed in House on Jan 10, 2023
Sponsors
Democrat
Thaddeus Jones
Democrat
Napoleon Harris, III
First Action
Feb 16, 2021
Latest Action
Jan 10, 2023
Origin Chamber
House
Type
Bill
Bill Number
1960
State
Illinois
Session
102nd
Sponsorship by Party
House Votes (1)
checkPassed on April 21, 2021
Motion Text
Third Reading
House Roll Call Votes
Summary
Creates the Black Wall Street Program Act. Requires the Department of Commerce and Economic Opportunity to create and administer the Black Wall Street Program to provide loans and financial assistance to designated communities for the creation of Black Wall Street Business Districts. Specifies further requirements concerning Program eligibility and the disbursement of loan funds under the Program. Requires each municipality receiving a loan under the Program to establish a municipal investment program by which loan funds are dispersed to qualified African American business entities and persons for the purpose of establishing Black Wall Street Business Districts. Allows for the use of loan funds to invest in, issue, or sell bonds for the purpose of the construction of Black Wall Street Business Districts and all related matters. Requires the Department to compile and make available to the public a database of qualified African American contractors and engineers. Requires the Department to create and administer a Black Wall Street Investment Hub for the purposes of providing specified assistance to African American business entities and persons in establishing Black Wall Street businesses. Provides for the adoption of administrative rules. Creates the Black Wall Street Fund as a special fund in the State treasury for specified purposes. Defines terms. Makes conforming changes.
Sources
Record Created
Feb 17, 2021 2:11:24 AM
Record Updated
Feb 1, 2023 7:41:32 AM