Collapse to view only § 12181. Purpose
- § 12181. Purpose
- § 12182. Provision of assistance
- § 12183. Approval of applications
- § 12184. Availability of lines of credit and use
- § 12185. Limitations on use of funds
- § 12186. Program priority for special emphasis programs
§ 12181. Purpose
It is the purpose of this subpart to increase private investment in distressed local communities and to build and expand the capacity of local institutions to better serve the economic needs of local residents through the provision of financial and technical assistance to community development corporations.
(Pub. L. 103–322, title III, § 31111, Sept. 13, 1994, 108 Stat. 1882.)
§ 12182. Provision of assistance
(a) Authority
(b) Revolving loan funds
(1) Competitive assessment of applications
(2) Eligible entities
To be eligible to receive a line of credit under this subpart an applicant shall—
(A) be a community development corporation;
(B) prepare and submit an application to the Secretary that shall include 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 and the impact of such assistance on low-income, underemployed, and unemployed individuals in the target area;
(C) demonstrate previous experience in the development of low-income housing or community or business development projects in a low-income community and provide a record of achievement with respect to such projects; and
(D) 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 at least equal to the amount requested in the application submitted under subparagraph (B).
(3) Exception
(Pub. L. 103–322, title III, § 31112, Sept. 13, 1994, 108 Stat. 1882.)
§ 12183. Approval of applications
(a) In generalIn evaluating applications submitted under section 12182(b)(2)(B) of this title, the Secretary shall ensure that—
(1) the residents of the target area to be served (as identified under the strategic development plan) would have an income that is less than the median income for the area (as determined by the Secretary);
(2) the applicant community development corporation possesses the technical and managerial capability necessary to administer a revolving loan fund and has past experience in the development and management of housing, community and economic development programs;
(3) the applicant community development corporation has provided sufficient evidence of the existence of good working relationships with—
(A) local businesses and financial institutions, as well as with the community the corporation proposes to serve; and
(B) local and regional job training programs;
(4) the applicant community development corporation will target job opportunities that arise from revolving loan fund investments under this subpart so that 75 percent of the jobs retained or created under such investments are provided to—
(A) individuals with—
(i) incomes that do not exceed the Federal poverty line; or
(ii) incomes that do not exceed 80 percent of the median income of the area;
(B) individuals who are unemployed or underemployed;
(C) individuals who are participating or have participated in job training programs authorized under title I of the Workforce Innovation and Opportunity Act [29 U.S.C. 3111 et seq.] or the Family Support Act of 1988 (Public Law 100–485);
(D) individuals whose jobs may be retained as a result of the provision of financing available under this subpart; or
(E) individuals who have historically been underrepresented in the local economy; and
(5) a representative cross section of applicants are approved, including large and small community development corporations, urban and rural community development corporations and community development corporations representing diverse populations.
(b) PriorityIn determining which application to approve under this subpart the Secretary shall give priority to those applicants proposing to serve a target area—
(1) with a median income that does not exceed 80 percent of the median for the area (as determined by the Secretary); and
(2) with a high rate of unemployment, as determined by the Secretary or in which the population loss is at least 7 percent from April 1, 1980, to April 1, 1990, as reported by the Bureau of the Census.
(Pub. L. 103–322, title III, § 31113, Sept. 13, 1994, 108 Stat. 1883; Pub. L. 105–277, div. A, § 101(f) [title VIII, § 405(d)(44), (f)(35)], Oct. 21, 1998, 112 Stat. 2681–337, 2681–428, 2681–434; Pub. L. 113–128, title V, § 512(jj), July 22, 2014, 128 Stat. 1722.)
§ 12184. Availability of lines of credit and use
(a) Approval of application
(b) Limitations on availability of amounts
(1) Maximum amount
(2) Period of availability
(3) Exception
(c) Amounts drawn from line of credit
(d) Use of revolving loan funds
(Pub. L. 103–322, title III, § 31114, Sept. 13, 1994, 108 Stat. 1884.)
§ 12185. Limitations on use of funds
(a) Matching requirement
(b) Technical assistance and administration
(c) Local and private sector contributions
(d) Use of proceeds from investments
(Pub. L. 103–322, title III, § 31115, Sept. 13, 1994, 108 Stat. 1884.)
§ 12186. Program priority for special emphasis programs
(a) In general
(b) Reservation of funds
(Pub. L. 103–322, title III, § 31116, Sept. 13, 1994, 108 Stat. 1885.)