California Health and Safety Code

§ 44558.1

HSC § 44558.1 Effective Jun 30, 2022Div. 27 · Ch. 1 · Art. 7

Statute text

(a)(1) The authority shall establish the California Investment and Innovation Program for the purpose of providing grants to enhance the capacity of community development financial institutions to provide technical assistance and capital access to economically disadvantaged communities in this state.

(2)The authority shall adopt guidelines for the implementation of this program consistent with this article.

(b)The California Investment and Innovation Fund is created in the State Treasury. The authority shall allocate moneys in the fund to eligible recipients in accordance with this article. Notwithstanding Section 13340 of the Government Code, all moneys in the fund are continuously appropriated to the authority to carry out the purposes of this article. All moneys accruing to the authority pursuant to this article from any source shall be deposited into the fund.

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Legislative history

Added by Stats. 2022, Ch. 68, Sec. 30. (SB 193) Effective June 30, 2022.