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

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

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

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Source location: Title 12, Chapter 47, § 4707; chapter-047-community-development-banking.md

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**(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=prelim), are made in advance. **(b) Uses of financial assistance** (1) **In general** — Financial assistance made available under this subchapter may be used by assisted community development financial institutions to serve investment areas or targeted populations by developing or supporting— (A) commercial facilities that promote revitalization, community stability, or job creation or retention; (B) businesses that— (i) provide jobs for low-income people or are owned by low-income people; or (ii) enhance the availability of products and services to low-income people; (C) community facilities; (D) the provision of basic financial services; (E) housing that is principally affordable to low-income people, except that assistance used to facilitate homeownership shall only be used for services and lending products— (i) that serve low-income people; and (ii) that— (I) are not provided by other lenders in the area; or (II) complement the services and lending products provided by other lenders that serve the investment area or targeted population; and (F) other businesses and activities deemed appropriate by the Fund. (2) **Limitations** — No assistance made available under this subchapter may be expended by a community development financial institution (or an organization receiving assistance under [section 4712 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section4712&num=0&edition=prelim)) to pay any person to influence or attempt to influence any agency, elected official, officer, or employee of a State or local government in connection with the making, award, extension, continuation, renewal, amendment, or modification of any State or local government contract, grant, loan, or cooperative agreement (as such terms are defined in [section 1352 of title 31](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title31-section1352&num=0&edition=prelim)). **(c) Uses of technical assistance** (1) **Types of activities** — Technical assistance may be used for activities that enhance the capacity of a community development financial institution, such as training of management and other personnel and development of programs and investment or loan products. (2) **Availability of technical assistance** — The Fund may provide technical assistance, regardless of whether or not the recipient also receives financial assistance under this section. **(d) Amount of assistance** (1) **In general** — Except as provided in paragraph (2), the Fund may provide not more than $5,000,000 of assistance, in the aggregate, during any 3-year period to any 1 community development financial institution and its subsidiaries and affiliates. (2) **Exception** — The Fund may provide not more than $3,750,000 of assistance in addition to the amount specified in paragraph (1) during the same 3-year period to an existing community development financial institution that proposes to establish a subsidiary or affiliate for the purpose of serving an investment area or targeted population outside of any State and outside of any metropolitan area presently served by the institution, if— (A) the subsidiary or affiliate— (i) would be a community development financial institution; and (ii) independently— (I) meets the selection criteria described in [section 4704 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section4704&num=0&edition=prelim); and (II) satisfies the selection criteria of [section 4706 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section4706&num=0&edition=prelim); and (B) no other application for assistance to serve the investment area or targeted population has been submitted to the Administrator within a reasonable period of time preceding the date of receipt of the application at issue. (3) **Timing of assistance** — Assistance may be provided as described in paragraphs (1) and (2) in a lump sum or over a period of time, as determined by the Fund. **(e) Matching requirements** (1) **In general** — Assistance other than technical assistance shall be matched with funds from sources other than the Federal Government on the basis of not less than one dollar for each dollar provided by the Fund. Such matching funds shall be at least comparable in form and value to assistance provided by the Fund. The Fund shall provide no assistance (other than technical assistance) until a community development financial institution has secured firm commitments for the matching funds required. (2) **Exception** — In the case of an applicant with severe constraints on available sources of matching funds, the Fund may permit an applicant to comply with the matching requirements of paragraph (1) by— (A) reducing such matching requirement by 50 percent; or (B) permitting an applicant to provide matching funds in a form to be determined at the discretion of the Fund, if such applicant— (i) has total assets of less than $100,000; (ii) serves nonmetropolitan or rural areas; and (iii) is not requesting more than $25,000 in assistance. (3) **Limitation** — Not more than 25 percent of the total funds disbursed in any fiscal year by the Fund may be matched as authorized under paragraph (2). (4) **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. **(f) Terms and conditions** (1) **Soundness of unregulated institutions** — The Fund shall— (A) ensure, to the maximum extent practicable, that each community development financial institution (other than an insured community development financial institution or depository institution holding company) assisted under this subchapter is financially and managerially sound and maintains appropriate internal controls; (B) require such institution to submit, not less than once during each 18-month period, a statement of financial condition audited by an independent certified public accountant as part of the report required by [section 4714(e)(1) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section4714/e/1&num=0&edition=prelim); and (C) require that all assistance granted under this section is used by the community development financial institution or community development partnership in a manner consistent with the purposes of this subchapter. (2) **Assistance agreement** (A) *In general* — Before providing any assistance under this subchapter, the Fund and each community development financial institution to be assisted shall enter into an agreement that requires the institution to comply with performance goals and abide by other terms and conditions pertinent to assistance received under this subchapter. (B) *Performance goals* — Performance goals shall be negotiated between the Fund and each community development financial institution receiving assistance based upon the strategic plan submitted pursuant to [section 4704(b)(2) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section4704/b/2&num=0&edition=prelim). Such goals may be modified with the consent of the parties, or as provided in subparagraph (C). Performance goals for insured community development financial institutions shall be determined in consultation with the appropriate Federal banking agency. (C) *Sanctions* — The agreement shall provide that, in the event of fraud, mismanagement, noncompliance with this subchapter, or noncompliance with the terms of the agreement, the Fund, in its discretion, may— (i) require changes to the performance goals imposed pursuant to subparagraph (B); (ii) require changes to the strategic plan submitted pursuant to [section 4704(b)(2) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section4704/b/2&num=0&edition=prelim); (iii) revoke approval of the application; (iv) reduce or terminate assistance; (v) require repayment of assistance; (vi) bar an applicant from reapplying for assistance from the Fund; and (vii) take such other actions as the Fund deems appropriate. (D) *Consultation with tribal governments* — In reviewing the performance of any assisted community development financial institution, the investment area of which includes an Indian reservation, or the targeted population of which includes an Indian tribe, the Fund shall consult with, and seek input from, any appropriate tribal government. **(g) Authority to sell equity investments and loans** The Fund may, at any time, sell its equity investments and loans, but the Fund shall retain the power to enforce limitations on assistance entered into in accordance with the requirements of this subchapter until the performance goals related to the investment or loan have been met. **(h) No authority to limit supervision and regulation** Nothing in this subchapter shall affect any authority of the appropriate Federal banking agency to supervise and regulate any institution or company.

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

31 U.S.C. § 1352 — Limitation on use of appropriated funds to influence certain Federal contracting and financial transactions

**(a)** (1) None of the funds appropriated by any Act may be expended by the recipient of a Federal contract, grant, loan, or cooperative agreement to pay any person for influencing or attempting to influence an officer or employee of any agency, a Member of Congress, an officer or employee of Congress, or an employee of a Member of Congress in connection with any Federal action described in paragraph (2) of this subsection. (2) The prohibition in paragraph (1) of this subsection applies with respect to the following Federal actions: (A) The awarding of any Federal contract. (B) The making of any Federal grant. (C) The making of any Federal loan. (D) The entering into of any cooperative agreement. (E) The extension, continuation, renewal, amendment, or modification of any Federal contract, grant, loan, or cooperative agreement. **(b)** (1) Each person who requests or receives a Federal contract, grant, loan, or cooperative agreement from an agency or requests or receives from an agency a commitment providing for the United States to insure or guarantee a loan shall file with that agency, in accordance with paragraph (4) of this subsection— (A) a written declaration described in paragraph (2) or (3) of this subsection, as the case may be; and (B) copies of all declarations received by such person under paragraph (5). (2) A declaration filed by a person pursuant to paragraph (1)(A) of this subsection in connection with a Federal contract, grant, loan, or cooperative agreement shall contain— (A) the name of any registrant under the Lobbying Disclosure Act of 1995 who has made lobbying contacts on behalf of the person with respect to that Federal contract, grant, loan, or cooperative agreement; and (B) a certification that the person making t

Source: Supplied U.S. Code snapshot — release unconfirmed · 31 U.S.C. § 1352

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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. § 4712 — Capitalization assistance to enhance liquidity

**(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 determi

Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 4712

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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. § 4704 — Applications for assistance

**(a) Form and procedures** 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 4705 and 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 assistanc

Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 4704

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

12 U.S.C. § 1834a — Assessment credits for qualifying activities relating to distressed communities

**(a) Determination of credits for increases in community enterprise activities** (1) **In general** — The Community Enterprise Assessment Credit Board established under subsection (d) shall issue guidelines for insured depository institutions eligible under this subsection for any community enterprise assessment credit with respect to any semiannual period. Such guidelines shall— (A) designate the eligibility requirements for any institution meeting applicable capital standards to receive an assessment credit under [section 1817(b)(7) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1817/b/7&num=0&edition=prelim); and (B) determine the community enterprise assessment credit available to any eligible institution under paragraph (3). (2) **Qualifying activities** — An insured depository institution may apply for for 11 So in original. any community enterprise assessment credit for any semiannual period for— (A) the amount, during such period, of new originations of qualified loans and other assistance provided for low- and moderate-income persons in distressed communities, or enterprises integrally involved with such neighborhoods, which the Board determines are qualified to be taken into account for purposes of this subsection; (B) the amount, during such period, of deposits accepted from persons domiciled in the distressed community, at any office of the institution (including any branch) located in any qualified distressed community, and new originations of any loans and other financial assistance made within that community, except that in no case shall the credit for deposits at any institution or branch exceed the credit for loans and other financial assistance by the bank or branch in the distressed community;

Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 1834a

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

12 U.S.C. § 4703 — Establishment of national Fund for community development banking

**(a) Establishment** (1) **In general** — There is established a corporation to be known as the Community Development Financial Institutions Fund that shall have the duties and responsibilities specified by this subchapter and subchapter II of this chapter. The Fund shall have succession until dissolved. The offices of the Fund shall be in Washington, D.C. The Fund shall not be affiliated with or be within any other agency or department of the Federal Government. (2) **Wholly owned Government corporation** — The Fund shall be a wholly owned Government corporation in the executive branch and shall be treated in all respects as an agency of the United States, except as otherwise provided in this subchapter. **(b) Management of Fund** (1) **Appointment of Administrator** — The management of the Fund shall be vested in an Administrator, who shall be appointed by the President. The Administrator shall not engage in any other business or employment during service as the Administrator. (2) **Chief financial officer** — The Administrator shall appoint a chief financial officer, who shall have the authority and functions of an agency Chief Financial Officer under [section 902 of title 31](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title31-section902&num=0&edition=prelim). In the event of a vacancy in the position of the Administrator or during the absence or disability of the Administrator, the chief financial officer shall perform the duties of the position of Administrator. (3) **Other officers and employees** — The Administrator may appoint such other officers and employees of the Fund as the Administrator determines to be necessary or appropriate. (4) **Expedited hiring** — During the 2-year period beginning on September 23, 1994, the Administrator

Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 4703

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

12 U.S.C. § 4703a — Capital investments for neighborhoods disproportionately impacted by the COVID–19 pandemic

**(a) Definitions** In this section— (1) the term “bank holding company” has the meaning given the term in [section 1841 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1841&num=0&edition=prelim); (2) the term “eligible institution” means any low- and moderate-income community financial institution that is eligible to participate in the Program; (3) the term “Emergency Capital Investment Fund” means the Emergency Capital Investment Fund established under subsection (b); (4) the term “low- and moderate-income community financial institution” means any financial institution that is— (A) (i) a community development financial institution; or (ii) a minority depository institution; and (B) (i) an insured depository institution that is not controlled by a bank holding company or savings and loan holding company that is also an eligible institution; (ii) a bank holding company; (iii) a savings and loan holding company; or (iv) a federally insured credit union; (5) the term “minority” means any Black American, Native American, Hispanic American, Asian American, Native Alaskan, Native Hawaiian, or Pacific Islander; (6) the term “minority depository institution” means an entity that is— (A) a minority depository institution, as defined in section 308 of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 ([12 U.S.C. 1463](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1463&num=0&edition=prelim) note); or (B) considered to be a minority depository institution by— (i) the appropriate Federal banking agency; or (ii) the National Credit Union Administration, in the case of an insured credit union; or (C) listed in the Federal Deposi

Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 4703a

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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

25 U.S.C. § 4306a — Indian community development initiatives

**(a) Interagency coordination** Not later than 1 year after December 30, 2020, the Secretary, the Secretary of the Interior, and the Secretary of the Treasury shall coordinate— (1) to develop initiatives that— (A) encourage, promote, and provide education regarding investments in Indian communities through— (i) the loan guarantee program of Bureau of Indian Affairs under [section 1481 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title25-section1481&num=0&edition=prelim); (ii) programs carried out using amounts in the Community Development Financial Institutions Fund established under [section 4703(a) of title 12](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section4703/a&num=0&edition=prelim); and (iii) other capital development programs; (B) examine and develop alternatives that would qualify as collateral for financing in Indian communities; and (C) provide entrepreneur and other training relating to economic development through tribally controlled colleges and universities and other Indian organizations with experience in providing such training; (2) to consult with Indian Tribes and with the Securities and Exchange Commission to study, and collaborate to establish, regulatory changes necessary to qualify an Indian Tribe as an accredited investor for the purposes of sections 230.500 through 230.508 of title 17, Code of Federal Regulations (or successor regulations), consistent with the goals of promoting capital formation and ensuring qualifying Indian Tribes have the ability to withstand investment loss, on a basis comparable to other legal entities that qualify as accredited investors who are not natural persons; (3) to identify regulatory, legal, or other barriers to increasing inve

Source: Supplied U.S. Code snapshot — release unconfirmed · 25 U.S.C. § 4306a

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