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HB1775 • 2026
BLACK WALL STREET PROGRAM
This bill passed both chambers and reached final enrollment, even if later executive action is not shown here.
Using official source text because the generated explanation was unavailable or could not be confirmed against the official bill text.
BLACK WALL STREET PROGRAM
Rule 19(a) / Re-referred to Rules Committee
To Tax Credit and Incentives Subcommittee
Assigned to Revenue & Finance Committee
Rule 19(a) / Re-referred to Rules Committee
To Tax Credit and Incentives Subcommittee
Assigned to Revenue & Finance Committee
First Reading
Referred to Rules Committee
Filed with the Clerk by Rep. Thaddeus Jones
BLACK WALL STREET PROGRAM
Illinois General Assembly - Full Text of HB1775 Select Language × The Illinois General Assembly offers the Google Translate™ service for visitor convenience. In no way should it be considered accurate as to the translation of any content herein. Visitors of the Illinois General Assembly website are encouraged to use other translation services available on the internet. The English language version is always the official and authoritative version of this website. NOTE: To return to the original English language version, select the "Show Original" button on the Google Translate™ menu bar at the top of the window. 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Full Text of HB1775 Home Legislation Full Text HB1775 - 104th General Assembly Bill Status Full Text Votes Witness Slips Select Menu Bill Status Full Text Votes Witness Slips Printer Friendly Version Introduced Printer Friendly Version Introduced Open PDF 104TH GENERAL ASSEMBLY State of Illinois 2025 and 2026 HB1775 Introduced 1/28/2025, by Rep. Thaddeus Jones SYNOPSIS AS INTRODUCED: New Act 30 ILCS 105/5.1030 new Creates the Black Wall Street Program Act. Requires the Department of Commerce and Economic Opportunity to create and administer the Black Wall Street Program to provide loans and financial assistance to designated communities for the creation of Black Wall Street Business Districts. Specifies further requirements concerning Program eligibility and the disbursement of loan funds under the Program. Requires each municipality receiving a loan under the Program to establish a municipal investment program by which loan funds are disbursed to qualified African American business entities and persons for the purpose of establishing Black Wall Street Business Districts. Allows for the use of loan funds to invest in, issue, or sell bonds for the purpose of the construction of Black Wall Street Business Districts and all related matters. Requires the Department to compile and make available to the public a database of qualified African American contractors and engineers. Requires the Department to create and administer a Black Wall Street Investment Hub for the purposes of providing specified assistance to African American business entities and persons in establishing Black Wall Street businesses. Provides for the adoption of administrative rules. Creates the Black Wall Street Fund as a special fund in the State treasury for specified purposes. Defines terms. Makes conforming changes. LRB104 09397 HLH 19456 b A BILL FOR HB1775 LRB104 09397 HLH 19456 b 1 AN ACT concerning State government. 2 Be it enacted by the People of the State of Illinois, 3 represented in the General Assembly: 4 Section 1. Short title. This Act may be cited as the Black 5 Wall Street Program Act. 6 Section 5. Definitions. As used in this Act: 7 "Black Wall Street Business District" means a designated 8 area of economic and business growth created by an eligible 9 municipality participating in the Program created under this 10 Act for which Program loan funds are utilized. 11 "Department" means the Department of Commerce and Economic 12 Opportunity. 13 "Program" means the Black Wall Street Program created 14 under this Act. 15 Section 10. Black Wall Street Program. 16 (a) The Department of Commerce and Economic Opportunity 17 shall create and administer the Black Wall Street Program to 18 provide loans and financial assistance to designated 19 communities for the creation of Black Wall Street Business 20 Districts as provided under this Act. 21 (b) Any municipality containing a population made up of at 22 least 70% of African American citizens may apply, on an annual HB1775 - 2 - LRB104 09397 HLH 19456 b 1 basis, to the Department for a loan under the Program. To be 2 eligible for the loan, an applicant municipality must pass an 3 ordinance declaring its intent to create a Black Wall Street 4 Business District in the municipality, and provide proof of 5 such intent upon applying for the loan. No more than 10 6 eligible municipalities may be chosen by the Department to 7 receive a loan under the Program per year. 8 (c) Any eligible municipality chosen by the Department 9 under subsection (b) shall, subject to appropriation, receive 10 a $5,000,000 loan for the purpose of establishing a Black Wall 11 Street Business District. Notwithstanding the requirements of 12 subsection (b), for the first year of the Program, the 13 following municipalities shall receive the loan amount 14 specified under this subsection (c): (i) Harvey; (ii) Dolton; 15 (iii) Calumet City; (iv) Ford Heights; (v) Chicago Heights; 16 (vi) Peoria; (vii) East St Louis; and (viii) the City of 17 Chicago to be used for the creation of a Black Wall Street 18 Business District on the Westside of Chicago. 19 (d) Each municipality chosen by the Department to receive 20 a loan under this Section shall, as prerequisite to reception 21 of the loan, establish a Black Wall Street Investment Board. 22 The Investment Board shall have the responsibility of 23 administering the use of funds received by the municipality 24 under this Section. 25 Section 15. Municipal investment programs. HB1775 - 3 - LRB104 09397 HLH 19456 b 1 (a) Each municipality receiving a loan under the Program 2 shall establish a municipal investment program by which loan 3 funds are disbursed to qualified African American business 4 entities and persons for the purpose of establishing Black 5 Wall Street Business Districts. 6 (b) Those business entities and persons receiving loan 7 funds under this Section may use such funds to invest in, 8 issue, or sell bonds for the purpose of the construction of 9 Black Wall Street Business Districts and all related matters. 10 (c) Business entities and persons seeking funds for the 11 purposes of this Section shall apply to the Black Wall Street 12 Investment Board of the municipality and be selected based 13 upon terms and qualifications as set by the Investment Board. 14 Section 20. Contractor and engineer database. 15 (a) The Department shall compile and make available to the 16 public on the Internet website of the Department a database of 17 qualified African American contractors and engineers from 18 which both public and private entities may seek services for 19 their contractor and engineering needs. 20 (b) The employment of contractors and engineers listed on 21 the database created under this Section shall conform to all 22 applicable requirements of the Illinois Procurement Code, the 23 Business Enterprise for Minorities, Women, and Persons with 24 Disabilities Act, and any other State or federal law. HB1775 - 4 - LRB104 09397 HLH 19456 b 1 Section 25. Black Wall Street Investment Hub. 2 (a) The Department shall create and administer a Black 3 Wall Street Investment Hub for the purposes of providing 4 assistance to African American business entities and persons 5 in establishing the Black Wall Street business district and 6 related matters. 7 (b) The services provided by the Investment Hub shall be 8 in addition to those provided under the Program, and shall 9 include, but not be limited to, the following: 10 (1) providing microloans, subject to appropriation, to 11 African American business entities and persons for the 12 purpose of establishing businesses in Black Wall Street 13 Business Districts, including for construction costs and 14 business development; 15 (2) support in establishing business plans, 16 development plans, and construction plans for businesses 17 in Black Wall Street Business Districts; 18 (3) providing business-related training, including, 19 but not limited to, training on business development, 20 customer service, marketing, customer loyalty, and 21 advertising; and 22 (4) any other service that the Department may deem 23 relevant to the establishment of a business for the 24 purposes of this Act. 25 Section 30. Administrative rules. The Department shall HB1775 - 5 - LRB104 09397 HLH 19456 b 1 adopt all rules necessary to the administration of the Program 2 and the implementation of the requirements of this Act. 3 Section 35. Black Wall Street Fund. The Black Wall Street 4 Fund is created as a special fund in the State treasury. All 5 moneys in the Fund shall be used, subject to appropriation, by 6 the Department for the purposes of administering the Program 7 and the Black Wall Street Investment Hub established under 8 this Act. 9 Section 100. The State Finance Act is amended by adding 10 Section 5.1030 as follows: 11 (30 ILCS 105/5.1030 new) 12 Sec. 5.1030. The Black Wall Street Fund. Footer Disclaimer This site is maintained for the Illinois General Assembly by the Legislative Information System, 705 Stratton Building, Springfield, Illinois 62706. Contact ILGA Webmaster ILGA.gov uses cookies to ensure you get the best experience on our website. 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