FY25 Illinois Minority Real Estate Scholarship Program SPSSC

The State of Illinois, through its Division of Real Estate within the Department of Financial and Professional Regulation (IDFPR), is executing a small purchase with sole source conditions for the administration and award of the Minority Real Estate Scholarship Program. This program aims to provide scholarships to support the education and training of minority individuals interested in pursuing careers in the real estate industry. The selected contractor, the Illinois Real Estate Education Foundation, will be responsible for the administration and distribution of the scholarship funds. The contract has a due date of March 18, 2024, and the procurement is guided by the State's Standard Terms and Conditions, which outline various contractual requirements, such as payment terms, auditing obligations, confidentiality protections, and termination provisions.

The Minority Real Estate Scholarship Program is designated as a set-aside for minority contractors, and the contract will be awarded to the Illinois Real Estate Education Foundation, which appears to be the incumbent vendor for this program. The contract value or budget range is not explicitly stated, but the Standard Terms and Conditions indicate that the State will only pay for work performed after the contract is executed and that the contract is contingent upon the availability of appropriated funds. The contract may also involve tax credits for hiring certain employees, as mentioned in the Standard Terms and Conditions.