An application for assistance under this subchapter shall be submitted in such form and in accordance with such procedures as the Fund shall establish.
(b) Minimum requirements
Except as provided in sections
4712 of this title, the Fund shall require an application—
(1)to establish that the applicant is, or will be, a community development financial institution;
(2)to include a comprehensive strategic plan for the organization that contains—
(A)a business plan of not less than 5 years in duration that demonstrates that the applicant will be properly managed and will have the capacity to operate as a community development financial institution that will not be dependent upon assistance from the Fund for continued viability;
(B)an analysis of the needs of the investment area or targeted population and a strategy for how the applicant will attempt to meet those needs;
(C)a plan to coordinate use of assistance from the Fund with existing Federal, State, local, and tribal government assistance programs, and private sector financial services;
(D)an explanation of how the proposed activities of the applicant are consistent with existing economic, community, and housing development plans adopted by or applicable to an investment area or targeted population; and
(E)a description of how the applicant will coordinate with community organizations and financial institutions which will provide equity investments, loans, secondary markets, or other services to investment areas or targeted populations;
(3)to include a detailed description of the applicant’s plans and likely sources of funds to match the amount of assistance requested from the Fund;
(4)in the case of an applicant that has previously received assistance under this subchapter, to demonstrate that the applicant—
(A)has substantially met its performance goals and otherwise carried out its responsibilities under this subchapter and the assistance agreement; and
(B)will expand its operations into a new investment area or serve a new targeted population, offer more products or services, or increase the volume of its business;
(5)in the case of an applicant with a prior history of serving investment areas or targeted populations, to demonstrate that the applicant—
(A)has a record of success in serving investment areas or targeted populations; and
(B)will expand its operations into a new investment area or to serve a new targeted population, offer more products or services, or increase the volume of its current business; and
(6)to include such other information as the Fund deems appropriate.
(c) Preapplication outreach program
The Fund shall provide an outreach program to identify and provide information to potential applicants and may provide technical assistance to potential applicants, but shall not assist in the preparation of any application.
The table below lists the classification updates, since Jan. 3, 2012, for this section. Updates to a broader range of sections may be found at the update page for containing chapter, title, etc.
The most recent Classification Table update that we have noticed was Tuesday, August 13, 2013
An empty table indicates that we see no relevant changes listed in the classification tables. If you suspect that our system may be missing something, please double-check with the Office of the Law Revision Counsel.
Description of Change
Statutes at Large
LII has no control over and does not endorse any external Internet site that contains links to or references LII.