§ 12185. Limitations on use of funds

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 § 31115 · 108 Stat. 1796

   Enacted · 34 U.S.C. § 12185

   (Pub. L. 103–322, title III, § 31115, Sept. 13, 1994, 108 Stat. 1884.)

   Source evidence

   Code source credit
   (Pub. L. 103–322, title III, § 31115, Sept. 13, 1994, 108 Stat. 1884.)

   Enacted provision · exact public law section
   SEC. 31115. LIMITATIONS ON USE OF FUNDS. (a) Matching Requirement.— Not to exceed 50 percent of the total amount to be invested by an entity under this chapter may be derived from funds made available from a line of credit under this chapter. (b) Technical Assistance and Administration.— Not to exceed 10 percent of the amounts available from a line of credit under this chapter shall be used for the provision of training or technical assistance and for the planning, development, and management of economic development projects. Community development corporations shall be encouraged by the Secretary to seek technical assistance from other community development corporations, with expertise in the planning, development and management of economic development projects. The Secretary shall assist in the identification and facilitation of such technical assistance. (c) Local and Private Sector Contributions—To receive funds available under a line of credit provided under this chapter, an entity, using procedures established by the Secretary, shall demonstrate to the community development corporation that such entity agrees to provide local and private sector contributions in accordance with section 31112(b)(2)(D), will participate with such community development corporation in a loan, guarantee or investment program for a designated business enterprise, and that the total financial commitment to be provided by such entity is at least equal to the amount to be drawn from the line of credit. (d) Use of Proceeds From Investments.— Proceeds derived from investments made using funds made available under this chapter may be used only for the purposes described in section 31111 and shall be reinvested in the community in which they were generated.

1 of 1 references resolved to an enrolled provision