34 USC 12202 - Emerging community development corporation revolving loan funds

U.S Code last checked for updates: Nov 23, 2024

§ 12202.

Emerging community development corporation revolving loan funds

(a)

Authority

(b)

Eligibility

To be eligible to receive a grant under subsection (a), an entity shall—

(1)

be a community development corporation;

(2)

have completed not less than one nor more than two community economic development projects or related projects that improve or provide job and employment opportunities to low-income individuals;

(3)

prepare and submit to the Secretary an application at such time, in such manner, and containing such information as the Secretary may require, including a strategic investment plan that identifies and describes the economic characteristics of the target area to be served, the types of business to be assisted using amounts received under the grant and the impact of such assistance on low-income individuals; and

(4)

have secured one or more commitments from local sources for contributions (either in cash or in kind, letters of credit, or letters of commitment) in an amount that is equal to at least 10 percent of the amounts requested in the application submitted under paragraph (2).1

 So in original. Probably should be paragraph “(3)”.

(c)

Use of revolving loan fund

(1)

In general

A revolving loan fund established or maintained with amounts received under this section may be utilized to provide financial and technical assistance, loans, loan guarantees or investments to private business enterprises to—

(A)

finance projects intended to provide business and employment opportunities for low-income individuals and to improve the quality of life in urban and rural areas; and

(B)

build and expand the capacity of emerging community development corporations and serve the economic needs of local residents.

(2)

Technical assistance

(3)

Limitation

(d)

Use of proceeds from investments

(e)

Amounts available

(Pub. L. 103–322, title III, § 31122, Sept. 13, 1994, 108 Stat. 1886.)

cite as: 34 USC 12202