§ 12182. Provision of assistance

Legislative history

Reconstructed from this section’s Code source credit and amendment notes, resolved against the local Statutes at Large. Editorial notes are evidence, not the law that made the change.

1. 1994

   National Community Economic Partnership Act of 1994

   Pub. L. 103–322 title III § 31112 · 108 Stat. 1796

   Enacted · 34 U.S.C. § 12182

   (Pub. L. 103–322, title III, § 31112, Sept. 13, 1994, 108 Stat. 1882.)

   Source evidence

   Code source credit
   (Pub. L. 103–322, title III, § 31112, Sept. 13, 1994, 108 Stat. 1882.)

   Enacted provision · exact public law section
   SEC. 31112. PROVISION OF ASSISTANCE. (a) Authority.— The Secretary of Health and Human Services (referred to in this subtitle as the “Secretary”) may, in accordance with this chapter, provide nonrefundable lines of credit to community development corporations for the establishment, maintenance or expansion of revolving loan funds to be utilized to finance projects intended to provide business and employment opportunities for low-income, unemployed, or underemployed individuals and to improve the quality of life in urban and rural areas. (b) Revolving Loan Funds.— (1) Competitive assessment of applications.— In providing assistance under subsection (a), the Secretary shall establish and implement a competitive process for the solicitation and consideration of applications from eligible entities for lines of credit for the capitalization of revolving funds. (2) Eligible entities.— To be eligible to receive a line of credit under this chapter 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.— Notwithstanding the provisions of paragraph (2)(D), the Secretary may reduce local contributions to not less than 25 percent of the amount of the line of credit requested by the community development corporation if the Secretary determines such to be appropriate in accordance with section 31116.

1 of 1 references resolved to an enrolled provision