
From the U.S. Code Online via GPO Access
[wais.access.gpo.gov]
[Laws in effect as of January 23, 2000]
[Document not affected by Public Laws enacted between
  January 23, 2000 and December 4, 2001]
[CITE: 42USC13822]

 
                 TITLE 42--THE PUBLIC HEALTH AND WELFARE
 
         CHAPTER 136--VIOLENT CRIME CONTROL AND LAW ENFORCEMENT
 
                     SUBCHAPTER II--CRIME PREVENTION
 
             Part G--National Community Economic Partnership
 
       subpart 1--community economic partnership investment funds
 
Sec. 13822. Provision of assistance


(a) Authority

    The Secretary of Health and Human Services (referred to in this part 
as the ``Secretary'') may, in accordance with this subpart, 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) of this section, 
    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 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

        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 13826 of this title.

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

                  Section Referred to in Other Sections

    This section is referred to in sections 13823, 13824, 13825, 14214 
of this title.
