12 U.S.C. § 4705 — Community partnerships
submitted 32 years ago by Pub. L. 103-325 to r/title-12-BANKS-AND-BANKING · 359 words · no verdicts yet
A translation hasn’t been published for this section yet. The official text below is complete and authoritative.
An application for assistance may be filed jointly by a community development financial institution* and a community partner* to carry out a community partnership*.
The Fund* shall require a community partnership application—
to meet the minimum requirements established for community development financial institutions under section 4704(b) of this title, except that the criteria specified in paragraphs (1) and (2)(A) of section 4704(b) of this title shall not apply to the community partner;
to describe how each coapplicant will participate in carrying out the community partnership and how the partnership will enhance activities serving the investment area* or targeted population*; and
to demonstrate that the community partnership activities are consistent with the strategic plan submitted by the community development financial institution coapplicant.
The Fund shall consider a community partnership application based on—
the community development financial institution coapplicant—
meeting the minimum selection criteria described in section 4704 of this title; and
satisfying the selection criteria of section 4706 of this title;
the extent to which the community partner coapplicant will participate in carrying out the partnership;
the extent to which the community partnership will enhance the likelihood of success of the community development financial institution coapplicant’s strategic plan; and
the extent to which service to the investment area or targeted population will be better performed by a partnership as opposed to the individual community development financial institution coapplicant.
Assistance provided upon approval of an application under this section shall be distributed only to the community development financial institution coapplicant, and shall not be used to fund any activities carried out directly by the community partner or an affiliate* or subsidiary* thereof.
All other requirements and limitations imposed by this subchapter on a community development financial institution assisted under this subchapter shall apply (in the manner that the Fund determines to be appropriate) to assistance provided to carry out community partnerships. The Fund may establish additional guidelines and restrictions on the use of Federal funds to carry out community partnerships.
Source credit: (Pub. L. 103–325, title I, § 106, Sept. 23, 1994, 108 Stat. 2171.)
- 1994Enacted · Pub. L. 103-325 · 108 Stat. 2171
A history note hasn’t been published yet. The record shows enactment by Pub. L. 103-325 on 1994-09-23.
all 0 arguments · sorted by: best
no arguments yet — make the first case