Delaware Community Investment Venture Fund Bill Sent to Governor

The House joined the Senate in unanimously passing Senate Bill 83S last week. The bill, sponsored by Senator Darius Brown, “creates the Delaware Community Investment Venture Fund to develop opportunities for banking organizations and credit unions doing business in Delaware to better serve the needs of low to moderate income tracts in Delaware.” 

The fund, which will be vested with $2.75 million, to do the following according to the bill:

• Invest in the development of financial products or financial product underwriting innovations that will enhance access to capital, funding, and other financial services forbusinesses in low to moderate-income tracts;
• Deploy, test, and evaluate these innovations for providing capital and funding to businesses in low to moderate-income tracts; and
• Promote and make these innovations available to a variety of banking organizations and credit unions for use in enhancing access to capital, funding, and other financial services for businesses in low to moderate-income tracts.

SENATE BILL 83S – DELAWARE COMMUNITY INVESTMENT VENTURE FUND	Currrent Status – Senate Passed 21-0. House Passed 36-0-5. Sent to the Governor.
House Sponsors – Dorsey Walker, Johnson	Senate Sponsors – Brown, Mantzavinos // RIchardson
House Yes Votes – Baumbach Bush Carson Chukwuocha Cooke Dorsey-Walker Griffith Harris Heffernan Johnson Lambert Longhurst Lynn Matthews Minor-Brown Morrison Neal Osienski Parker-Selby Phillips Romer Schwartzkopf Williams Wilson-Anton // Collins Dukes Hensley Hilovsky Morris Postles Ramone Shupe Smith Spiegelman Vanderwende Yearick	Senate Yes Votes – Brown Gay Hansen Hoffner Huxtable Lockman Mantzavinos McBride Paradee Pinkney Poore Sokola Sturgeon Townsend Walsh // Buckson Hocker Lawson Pettyjohn Richardon Wilson
House No Votes – None	Senate No Votes – None
House Absents or Not Voting – Boden, Moore, Briggs King, Short, Gray	Senate Absent or Not Voting – None