Page 464
House Bill No. 5506
Public Act No. 22-118 464 of 739
services projects and programs, including, in the case of economic and community development projects administered on behalf of the Office of Policy and Management by the Department of Economic and Community Development, administrative costs incurred by the Department of Economic and Community Development, not exceeding [two billion one hundred nine million eight hundred thousand dollars, provided forty million dollars of said authorization shall be effective July 1, 2022] two billion two hundred twenty-nine million eight hundred thousand dollars. For purposes of this subdivision, "local community development financial institution" means an entity that meets the requirements of 12 CFR 1805.201, and "qualified census track" means a census tract designated as a qualified census tract by the Secretary of Housing and Urban Development in accordance with 26 USC 42(d)(5)(B)(ii), as amended from time to time. (2) (A) Five million dollars of the grants-in-aid authorized in subparagraph [(F)(ii)] (G)(ii) of subdivision (1) of this subsection may be made available to private nonprofit organizations for the purposes described in said subparagraph [(F)(ii)] (G)(ii). (B) Twelve million dollars of the grants-in-aid authorized in subparagraph [(F)(ii)] (G)(ii) of subdivision (1) of this subsection may be made available for necessary renovations and improvements of libraries. (C) Five million dollars of the grants-in-aid authorized in subparagraph [(F)(ii)] (G)(ii) of subdivision (1) of this subsection shall be made available for small business gap financing. (D) Ten million dollars of the grants-in-aid authorized in subparagraph [(F)(ii)] (G)(ii) of subdivision (1) of this subsection may be made available for regional economic development revolving loan funds. (E) One million four hundred thousand dollars of the grants-in-aid authorized in subparagraph [(F)(ii)] (G)(ii) of subdivision (1) of this subsection shall be made available for rehabilitation and renovation of the Black Rock Library in Bridgeport. (F) Two million five hundred thousand dollars of the grants-in-aid authorized in subparagraph [(F)(ii)] (G)(ii) of subdivision (1) of this