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12 U.S.C. § 4712 — Capitalization assistance to enhance liquidity

Federal law — U.S. Code and appendices · legal_authorities

12 U.S.C. § 4712 — Capitalization assistance to enhance liquidity

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Stable record: federal_law:legal_authorities:record_usc_58da73f95c5c95ae09dffe12
Source file: Laws/federal/codes/united-states-code/title-12/section-4712-capitalization-assistance-to-enhance-liquidity--e2eae3fe37.md
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Source location: Title 12, Chapter 47, § 4712; chapter-047-community-development-banking.md

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**(a) Assistance** (1) **In general** — The Fund may provide assistance for the purpose of providing capital to organizations to purchase loans or otherwise enhance the liquidity of community development financial institutions, if— (A) the primary purpose of such organizations is to promote community development; and (B) any assistance received is matched with funds— (i) from sources other than the Federal Government; (ii) on the basis of not less than one dollar for each dollar provided by the Fund; and (iii) that are comparable in form and value to the assistance provided by the Fund. (2) **Limitation on other assistance** — An organization that receives assistance under this section may not receive other financial or technical assistance under this subchapter. (3) **Construction of Federal Government funds** — For purposes of this subsection, notwithstanding section 105(a)(9) of the Housing and Community Development Act of 1974 [[42 U.S.C. 5305(a)(9)](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title42-section5305/a/9&num=0&edition=prelim)], funds provided pursuant to such Act shall be considered to be Federal Government funds. **(b) Selection** The selection of organizations to receive assistance under this section shall be at the discretion of the Fund and in accordance with criteria established by the Fund. In establishing such criteria, the Fund shall take into account the criteria contained in sections 4704(b) and 4706 of this title, as appropriate. **(c) Amount of assistance** The Fund may provide a total of not more than $5,000,000 of assistance to an organization or its subsidiaries or affiliates under this section during any 3-year period. Assistance may be provided in a lump sum or over a period of time, as determined by the Fund. **(d) Audit and report requirements** Organizations that receive assistance from the Fund in accordance with this section shall— (1) submit to the Fund, not less than once in every 18-month period, financial statements audited by an independent certified public accountant, as part of the report required by paragraph (2); (2) submit an annual report on its activities; and (3) keep such records as may be necessary to disclose the manner in which any assistance under this section is used. **(e) Limitations on liability** (1) **Liability of Fund** — The liability of the Fund and the United States Government arising out of the provision of assistance to any organization in accordance with this section shall be limited to the amount of such assistance. The Fund shall be exempt from any assessments and any other liabilities that may be imposed on controlling or principal shareholders by any Federal law or the law of any State, or territory. Nothing in this paragraph shall affect the application of Federal tax law. (2) **Liability of Government** — This section does not oblige the Federal Government, either directly or indirectly, to provide any funds to any organization assisted pursuant to this section, or to honor, reimburse, or otherwise guarantee any obligation or liability of such an organization. This section shall not be construed to imply that any such organization or any obligations or securities of any such organization are backed by the full faith and credit of the United States. **(f) Use of proceeds** Any proceeds from the sale of loans by an organization assisted under this section shall be used by the seller for community development purposes.

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Federal law — U.S. Code and appendices · legal_authorities

42 U.S.C. § 5301 — Congressional findings and declaration of purpose

**(a) Critical social, economic, and environmental problems facing Nation’s urban communities** The Congress finds and declares that the Nation’s cities, towns, and smaller urban communities face critical social, economic, and environmental problems arising in significant measure from— (1) the growth of population in metropolitan and other urban areas, and the concentration of persons of lower income in central cities; (2) inadequate public and private investment and reinvestment in housing and other physical facilities, and related public and social services, resulting in the growth and persistence of urban slums and blight and the marked deterioration of the quality of the urban environment; and (3) increasing energy costs which have seriously undermined the quality and overall effectiveness of local community and housing development activities. **(b) Establishment and maintenance of viable urban communities; systematic and sustained action by Federal, State, and local governments; expansion of and continuity in Federal assistance; increased private investment; streamlining programs and improvement of functioning of agencies; action to address consequences of scarce fuel supplies** The Congress further finds and declares that the future welfare of the Nation and the well-being of its citizens depend on the establishment and maintenance of viable urban communities as social, economic, and political entities, and require— (1) systematic and sustained action by Federal, State, and local governments to eliminate blight, to conserve and renew older urban areas, to improve the living environment of low- and moderate-income families, and to develop new centers of population growth and economic activity; (2) substantial expansion of and greater continuity in the scope a

Source: Supplied U.S. Code snapshot — release unconfirmed · 42 U.S.C. § 5301

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Federal law — U.S. Code and appendices · legal_authorities

12 U.S.C. § 4706 — Selection of institutions

**(a) Selection criteria** Except as provided in [section 4712 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section4712&num=0&edition=prelim), the Fund shall, in its sole discretion, select community development financial institution applicants meeting the requirements of [section 4704 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section4704&num=0&edition=prelim) for assistance based on— (1) the likelihood of success of the applicant in meeting the goals of its comprehensive strategic plan; (2) the experience and background of the management team; (3) the extent of need for equity investments, loans, and development services within the investment areas or targeted populations; (4) the extent of economic distress within the investment areas or the extent of need within the targeted populations, as those factors are measured by objective criteria; (5) the extent to which the applicant will concentrate its activities on serving its investment areas or targeted populations; (6) the amount of firm commitments to meet or exceed the matching requirements and the likely success of the plan for raising the balance of the match; (7) the extent to which the matching funds are derived from private sources; (8) the extent to which the proposed activities will expand economic opportunities within the investment areas or the targeted populations; (9) whether the applicant is, or will become, an insured community development financial institution; (10) the extent of support from the investment areas or targeted populations; (11) the extent to which the applicant is, or will be, community-owned or community-governed; (12) the extent to which the applicant will increase its resources through coordin

Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 4706

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Federal law — U.S. Code and appendices · legal_authorities

12 U.S.C. § 4707 — Assistance provided by Fund

**(a) Forms of assistance** (1) **In general** — The Fund may provide— (A) financial assistance through equity investments, deposits, credit union shares, loans, and grants; and (B) technical assistance— (i) directly; (ii) through grants; or (iii) by contracting with organizations that possess expertise in community development finance, without regard to whether the organizations receive or are eligible to receive assistance under this subchapter. (2) **Equity investments** (A) *Limitation on equity investments* — The Fund shall not own more than 50 percent of the equity of a community development financial institution and may not control the operations of such institution. The Fund may hold only transferable, nonvoting equity investments in the institution. Such equity investments may provide for convertibility to voting stock upon transfer by the Fund. (B) *Fund deemed not to control* — Notwithstanding any other provision of law, the Fund shall not be deemed to control a community development financial institution by reason of any assistance provided under this subchapter for the purpose of any other applicable law to the extent that the Fund complies with subparagraph (A). Nothing in this subparagraph shall affect the application of any Federal tax law. (3) **Deposits** — Deposits made pursuant to this section in an insured community development financial institution shall not be subject to any requirement for collateral or security. (4) **Limitations on obligations** — Direct loan obligations may be incurred by the Fund only to the extent that appropriations of budget authority to cover their cost, as defined in [section 661a(5) of title 2](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title2-section661a/5&num=0&edition=

Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 4707

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Federal law — U.S. Code and appendices · legal_authorities

12 U.S.C. § 4718 — Authorization of appropriations

**(a) Fund authorization** (1) **In general** — To carry out this subchapter, there are authorized to be appropriated to the Fund, to remain available until expended— (A) $60,000,000 for fiscal year 1995; (B) $104,000,000 for fiscal year 1996; (C) $107,000,000 for fiscal year 1997; and (D) $111,000,000 for fiscal year 1998; or such greater sums as may be necessary to carry out this subchapter. (2) **Administrative expenses** (A) *In general* — Of amounts authorized to be appropriated to the Fund pursuant to this section, not more than $5,550,000 may be used by the Fund in each fiscal year to pay the administrative costs and expenses of the Fund. Costs associated with the training program established under [section 4708 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section4708&num=0&edition=prelim) and the technical assistance program established under [section 4707 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section4707&num=0&edition=prelim) shall not be considered to be administrative expenses for purposes of this paragraph. (B) *Calculations* — The amounts referred to in paragraphs (3) and (4) shall be calculated after subtracting the amount referred to in subparagraph (A) of this paragraph from the total amount appropriated to the Fund in accordance with paragraph (1) in any fiscal year. (3) **Capitalization assistance** — Not more than 5 percent of the amounts authorized to be appropriated under paragraph (1) may be used as provided in [section 4712 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section4712&num=0&edition=prelim). (4) **Availability for funding [section 4713 of this title](https://uscode.house.gov/view.xhtml?req=g

Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 4718

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Federal law — U.S. Code and appendices · legal_authorities

12 U.S.C. § 4712 — Capitalization assistance to enhance li-

Page 1739 TITLE 12—BANKS AND BANKING § 4712 1 So in original. Probably should be followed by a period. (e) Coordination The Fund shall coordinate with other appro- priate Federal departments or agencies that op- erate similar training programs in order to pre- vent duplicative efforts. (f) Regulatory fee for providing training services (1) General rule The Fund may, at the discretion of the Ad- ministrator and in accordance with this sub- section, assess and collect regulatory fees solely to cover the costs of the Fund in pro- viding training services under a training pro- gram operated in accordance with this section. (2) Persons subject to fee Fees may be assessed under paragraph (1) only on persons who participate in the train- ing program. (3) Limitation on manner of collection Fees may be assessed and collected under this subsection only in such manner as may reasonably be expected to result in the collec- tion of an aggregate amount of fees during any fiscal year which does not exceed the aggre- gate costs of the Fund for such year in pro- viding training services under a training pro- gram operated in accordance with this sec- tion 1 (4) Limitation on amount of fee The amount of any fee assessed under this subsection on any person may not exceed the amount which is reasonably based on the pro- portion of the training services provided under a training program operated in accordance with this section which relate to such person. (Pub. L. 103–325, title I, § 109, Sept. 23, 1994, 108 Stat. 2176.) § 4709. Encouragement of private entities The Fund may facilitate the organization of corporations in which the Federal Government has no ownership interest. The purpose of any such entity shall be to assist community devel- opment financial insti

Source: Supplied 2024 U.S. Code historical extraction · 12 U.S.C. § 4712

Stored review status: historical_2024_not_currentness_verified. Same stored citation; legal effect and authority still require review.

Federal law — U.S. Code and appendices · legal_authorities

42 U.S.C. § 5305 — Activities eligible for assistance

**(a) Enumeration of eligible activities** Activities assisted under this chapter may include only— (1) the acquisition of real property (including air rights, water rights, and other interests therein) which is (A) blighted, deteriorated, deteriorating, undeveloped, or inappropriately developed from the standpoint of sound community development and growth; (B) appropriate for rehabilitation or conservation activities; (C) appropriate for the preservation or restoration of historic sites, the beautification of urban land, the conservation of open spaces, natural resources, and scenic areas, the provision of recreational opportunities, or the guidance of urban development; (D) to be used for the provision of public works, facilities, and improvements eligible for assistance under this chapter; or (E) to be used for other public purposes; (2) the acquisition, construction, reconstruction, or installation (including design features and improvements with respect to such construction, reconstruction, or installation that promote energy efficiency) of public works, facilities (except for buildings for the general conduct of government), and site or other improvements; (3) code enforcement in deteriorated or deteriorating areas in which such enforcement, together with public or private improvements or services to be provided, may be expected to arrest the decline of the area; (4) clearance, demolition, removal, reconstruction, and rehabilitation (including rehabilitation which promotes energy efficiency) of buildings and improvements (including interim assistance, and financing public or private acquisition for reconstruction or rehabilitation, and reconstruction or rehabilitation, of privately owned properties, and including the renovation of closed school buildings); (5

Source: Supplied U.S. Code snapshot — release unconfirmed · 42 U.S.C. § 5305

Stored review status: release_metadata_unconfirmed. The source passage cites 42 U.S.C. § 5305. This identifies an authority to review, not proof of applicability.

Federal law — U.S. Code and appendices · legal_authorities

42 U.S.C. § 5305 — Activities eligible for assistance

Page 6501 TITLE 42—THE PUBLIC HEALTH AND WELFARE § 5305 to occur during period 1980 through 1985, an assessment of impact that such conversions have had or are likely to have on availability of housing to lower income per- sons, an assessment of extent to which such conver- sions are concentrated in certain areas or types of areas of country, and an assessment of factors contrib- uting to increase in such conversions, and which report was also to include recommendations concerning alter- native means to minimize the adverse impact that such conversions may have on lower income persons. Executive Documents FLOODPLAIN MANAGEMENT For provisions relating to reduction of risk of flood loss, minimization of impact of floods on human safety, health and welfare, and management of floodplains, see Ex. Ord. No. 11988, May 24, 1977, 42 F.R. 26951, set out as a note under section 4321 of this title. PROTECTION OF WETLANDS For provisions relating to protection of wetlands, see Ex. Ord. No. 11990, May 24, 1977, 42 F.R. 26961, set out as a note under section 4321 of this title. § 5305. Activities eligible for assistance (a) Enumeration of eligible activities Activities assisted under this chapter may in- clude only— (1) the acquisition of real property (includ- ing air rights, water rights, and other inter- ests therein) which is (A) blighted, deterio- rated, deteriorating, undeveloped, or inappro- priately developed from the standpoint of sound community development and growth; (B) appropriate for rehabilitation or conserva- tion activities; (C) appropriate for the preser- vation or restoration of historic sites, the beautification of urban land, the conservation of open spaces, natural resources, and scenic areas, the provision of recreational opportuni- ties,

Source: Supplied 2024 U.S. Code historical extraction · 42 U.S.C. § 5305

Stored review status: historical_2024_not_currentness_verified. The source passage cites 42 U.S.C. § 5305. This identifies an authority to review, not proof of applicability.