12 USC 4712 - Capitalization assistance to enhance liquidity

U.S Code last checked for updates: Nov 22, 2024

§ 4712.

Capitalization assistance to enhance liquidity

(a)

Assistance

(1)

In general

The Fund may provide assistance for the purpose of providing capital to organizations to purchase loans or otherwise enhance the liquidity of community development financial institutions, if—

(A)

the primary purpose of such organizations is to promote community development; and

(B)

any assistance received is matched with funds—

(i)

from sources other than the Federal Government;

(ii)

on the basis of not less than one dollar for each dollar provided by the Fund; and

(iii)

that are comparable in form and value to the assistance provided by the Fund.

(2)

Limitation on other assistance

(3)

Construction of Federal Government funds

(b)

Selection

(c)

Amount of assistance

(d)

Audit and report requirements

Organizations that receive assistance from the Fund in accordance with this section shall—

(1)

submit to the Fund, not less than once in every 18-month period, financial statements audited by an independent certified public accountant, as part of the report required by paragraph (2);

(2)

submit an annual report on its activities; and

(3)

keep such records as may be necessary to disclose the manner in which any assistance under this section is used.

(e)

Limitations on liability

(1)

Liability of Fund

(2)

Liability of Government

(f)

Use of proceeds

(Pub. L. 103–325, title I, § 113, Sept. 23, 1994, 108 Stat. 2178.)

cite as: 12 USC 4712