File #: Int 0969-2023    Version: Name: Information on local community development financial institutions.
Type: Introduction Status: Enacted
Committee: Committee on Small Business
On agenda: 3/16/2023
Enactment date: 10/15/2023 Law number: 2023/133
Title: A Local Law to amend the administrative code of the city of New York, in relation to information on local community development financial institutions
Sponsors: Mercedes Narcisse, Linda Lee, Farah N. Louis, Crystal Hudson, Diana I. Ayala, Kevin C. Riley, Julie Menin, Selvena N. Brooks-Powers, Shahana K. Hanif, Marjorie Velázquez, Carlina Rivera , Julie Won, Darlene Mealy, Alexa Avilés
Council Member Sponsors: 14
Summary: The proposed bill requires the department of small business services to provide information related to local community development financial institutions (CDFIs) via the one-stop-shop online portal established by Local Law 94 of 2022. Such information shall include a directory of participating local CDFIs and a description of each CDFI’s mission statement, operating locations, and the services and types of loans offered.
Attachments: 1. Summary of Int. No. 969-A, 2. Summary of Int. No. 969, 3. Int. No. 969, 4. March 16, 2023 - Stated Meeting Agenda, 5. Hearing Transcript - Stated Meeting 3-16-23, 6. Minutes of the Stated Meeting - March 16, 2023, 7. Committee Report 6/28/23, 8. Hearing Testimony 6/28/23, 9. Hearing Transcript 6/28/23, 10. Proposed Int. No. 969-A - 9/11/23, 11. Committee Report 9/14/23, 12. Hearing Transcript 9/14/23, 13. September 14, 2023 - Stated Meeting Agenda, 14. Hearing Transcript - Stated Meeting 9-14-23, 15. Minutes of the Stated Meeting - September 14, 2023, 16. Int. No. 969-A (FINAL), 17. Fiscal Impact Statement, 18. Legislative Documents - Letter to the Mayor, 19. Local Law 133
Date Ver.Prime SponsorAction ByActionResultAction DetailsMeeting DetailsMultimedia
10/17/2023AMercedes Narcisse City Council Returned Unsigned by Mayor  Action details Meeting details Not available
10/15/2023AMercedes Narcisse Administration City Charter Rule Adopted  Action details Meeting details Not available
9/14/2023AMercedes Narcisse City Council Sent to Mayor by Council  Action details Meeting details Not available
9/14/2023AMercedes Narcisse City Council Approved by CouncilPass Action details Meeting details Not available
9/14/2023*Mercedes Narcisse Committee on Small Business Hearing Held by Committee  Action details Meeting details Not available
9/14/2023*Mercedes Narcisse Committee on Small Business Amendment Proposed by Comm  Action details Meeting details Not available
9/14/2023*Mercedes Narcisse Committee on Small Business Amended by Committee  Action details Meeting details Not available
9/14/2023AMercedes Narcisse Committee on Small Business Approved by CommitteePass Action details Meeting details Not available
6/28/2023*Mercedes Narcisse Committee on Small Business Hearing Held by Committee  Action details Meeting details Not available
6/28/2023*Mercedes Narcisse Committee on Small Business Laid Over by Committee  Action details Meeting details Not available
3/16/2023*Mercedes Narcisse City Council Referred to Comm by Council  Action details Meeting details Not available
3/16/2023*Mercedes Narcisse City Council Introduced by Council  Action details Meeting details Not available

Int. No. 969-A

 

By Council Members Narcisse, Lee, Louis, Hudson, Ayala, Riley, Menin, Brooks-Powers, Hanif, Velázquez, Rivera, Won, Mealy and Avilés

 

A Local Law to amend the administrative code of the city of New York, in relation to information on local community development financial institutions

 

Be it enacted by the Council as follows:

 

Section 1. Section 22-1001 of the administrative code of the city of New York is amended by adding a new definition of “local CDFI” in alphabetical order to read as follows:

Local CDFI. The term “local CDFI” means a financial institution that: (i) is certified as a community development financial institution by the federal department of the treasury; (ii) is authorized to do business in the state of New York; (iii) provides services to persons or businesses in the city; and (iv) has agreed to provide the department with information relating to services it provides, in order to be included on the department’s website in accordance with subparagraph (a) of paragraph 4 of subdivision a of section 22-1002.

§ 2. Subparagraph (a) of paragraph 4 of subdivision a of section 22-1002 of the administrative code of the city of New York, as added by a local law for the year 2023 amending the administrative code of the city of New York, relating to information on loans and grants for small businesses, as proposed in introduction number 1103-A, is amended to read as follows:

(a) Guidance on selecting a lender, including information about local CDFIs, which shall include, but need not be limited to, a directory of local CDFIs, and for each such local CDFI, a description of services provided by such local CDFI, the neighborhood or area of the city in which such local CDFI operates or provides services, and the types of loans offered by such local CDFI;

§ 3. This local law takes effect on the same date that a local law for the year 2023 amending the administrative code of the city of New York, relating to information on loans and grants for small businesses, as proposed in introduction number 1103-A, takes effect.

 

 

 

Session 12

XC

LS #11811

2/28/2023