View all text of Subpart 1 [§ 12181 - § 12186]
§ 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.)