(a)(1) There is established a fund outside the General Fund of the District of Columbia, designated as the Equity Impact Fund ("Fund"), which shall be managed by a Fund Manager selected by the Mayor.
(2) The Deputy Mayor for Planning and Economic Development shall provide, upon selection of the Fund Manager, $1.25 million in the aggregate in Fiscal Year 2021 for deposit into the Fund ("District's initial investment").
(b) The Fund shall be funded by money appropriated for the purposes of the Fund, other amounts, if any, received by the District or Fund Manager for deposit into the Fund, and any monies received as gifts, grants, donations, and awards.
(c) Money in the Fund shall be used for the following purposes:
(1) To facilitate investment in businesses that lack access to capital;
(2) To make investments into eligible businesses based on an investment strategy determined by the Fund Manager; and
(3) To administer the Fund, including the provision of technical assistance to eligible businesses; provided, that no more than 15% of the District's initial investment may be used annually for this purpose.
(Dec. 3, 2020, D.C. Law 23-149, § 2163, 67 DCR 10493.)