2014 US Code
Title 42 - The Public Health and Welfare (Sections 1 - 18445)
Chapter 136 - Violent Crime Control and Law Enforcement (Sections 13701 - 14223)
Subchapter II - Crime Prevention (Sections 13741 - 13921)
Part G - National Community Economic Partnership (Sections 13821 - 13853)
Subpart 1 - Community Economic Partnership Investment Funds (Sections 13821 - 13826)
Sec. 13824 - Availability of lines of credit and use
| Publication Title | United States Code, 2012 Edition, Supplement 2, Title 42 - THE PUBLIC HEALTH AND WELFARE |
| Category | Bills and Statutes |
| Collection | United States Code |
| SuDoc Class Number | Y 1.2/5: |
| Contained Within | 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 |
| Contains | section 13824 |
| Date | 2014 |
| Laws In Effect As Of Date | January 5, 2015 |
| Positive Law | No |
| Disposition | standard |
| Source Credit | Pub. L. 103-322, title III, §31114, Sept. 13, 1994, 108 Stat. 1884. |
| Statutes at Large Reference | 108 Stat. 1884 |
| Public and Private Law | Public Law 103-322 |
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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 amountThe Secretary shall not provide in excess of $2,000,000 in lines of credit under this subpart to a single applicant.
(2) Period of availabilityA 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) ExceptionNotwithstanding 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 creditAmounts 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 fundsRevolving 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, §31114, Sept. 13, 1994, 108 Stat. 1884.)
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