
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: 42USC13824]

 
                 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. 13824. Availability of lines of credit and use


(a) Approval of application

    The Secretary shall provide a community development corporation that 
has an application approved under section 13823 of this title with a 
line of credit in an amount determined appropriate by the Secretary, 
subject to the limitations contained in subsection (b) of this section.

(b) Limitations on availability of amounts

                         (1) Maximum amount

        The Secretary shall not provide in excess of $2,000,000 in lines 
    of credit under this subpart to a single applicant.

                     (2) Period of availability

        A line of credit provided under this subpart shall remain 
    available over a period of time established by the Secretary, but in 
    no event shall any such period of time be in excess of 3 years from 
    the date on which such line of credit is made available.

                            (3) Exception

        Notwithstanding paragraphs (1) and (2), if a recipient of a line 
    of credit under this subpart has made full and productive use of 
    such line of credit, can demonstrate the need and demand for 
    additional assistance, and can meet the requirements of section 
    13822(b)(2) of this title, the amount of such line of credit may be 
    increased by not more than $1,500,000.

(c) Amounts drawn from line of credit

    Amounts drawn from each line of credit under this subpart shall be 
used solely for the purposes described in section 13821 of this title 
and shall only be drawn down as needed to provide loans, investments, or 
to defray administrative costs related to the establishment of a 
revolving loan fund.

(d) Use of revolving loan funds

    Revolving loan funds established with lines of credit provided under 
this subpart may be used to provide technical assistance to private 
business enterprises and to provide financial assistance in the form of 
loans, loan guarantees, interest reduction assistance, equity shares, 
and other such forms of assistance to business enterprises in target 
areas and who are in compliance with section 13823(a)(4) of this title.

(Pub. L. 103-322, title III, Sec. 31114, Sept. 13, 1994, 108 Stat. 
1884.)

                  Section Referred to in Other Sections

    This section is referred to in section 14214 of this title.
