The Secretary may provide long-term loans to eligible community foundations to assist in the implementation of regional investment strategies.
(b) Eligible community foundations
To be eligible to receive a loan under this section, a community foundation shall—
(1)be located in an area that is covered by a regional investment strategy;
(2)match the amount of the loan with an amount that is at least 250 percent of the amount of the loan; and
(3)use the loan and the matching amount to carry out the regional investment strategy in a manner that is targeted to community and economic development, including through the development of community foundation endowments.
A loan made under this section shall—
(1)have a term of not less than 10, nor more than 20, years;
(2)bear an interest rate of 1 percent per annum; and
(3)be subject to such other terms and conditions as are determined appropriate by the Secretary.
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
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Description of Change
Statutes at Large
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