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12 U.S.C. § 4704 — Applications for assistance
Federal law — U.S. Code and appendices · legal_authorities
**(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
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Source file: Laws/federal/codes/united-states-code/title-12/section-4704-applications-for-assistance--253e7fbdb1.md
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Source location: Title 12, Chapter 47, § 4704; chapter-047-community-development-banking.md
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**(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 assistance under this subchapter, to demonstrate that the applicant—
(A) has substantially met its performance goals and otherwise carried out its responsibilities under this subchapter and the assistance agreement; and
(B) will expand its operations into a new investment area or serve a new targeted population, offer more products or services, or increase the volume of its business;
(5) in the case of an applicant with a prior history of serving investment areas or targeted populations, to demonstrate that the applicant—
(A) has a record of success in serving investment areas or targeted populations; and
(B) will expand its operations into a new investment area or to serve a new targeted population, offer more products or services, or increase the volume of its current business; and
(6) to include such other information as the Fund deems appropriate.
**(c) Preapplication outreach program** The Fund shall provide an outreach program to identify and provide information to potential applicants and may provide technical assistance to potential applicants, but shall not assist in the preparation of any application.
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Federal law — U.S. Code and appendices · legal_authorities
**(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
**(a) Application** An application for assistance may be filed jointly by a community development financial institution and a community partner to carry out a community partnership.
**(b) Application requirements** The Fund shall require a community partnership application—
(1) to meet the minimum requirements established for community development financial institutions under [section 4704(b) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section4704/b&num=0&edition=prelim), except that the criteria specified in paragraphs (1) and (2)(A) of [section 4704(b) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section4704/b&num=0&edition=prelim) shall not apply to the community partner;
(2) 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
(3) to demonstrate that the community partnership activities are consistent with the strategic plan submitted by the community development financial institution coapplicant.
**(c) Selection criteria** The Fund shall consider a community partnership application based on—
(1) the community development financial institution coapplicant—
(A) meeting the minimum 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
(B) satisfying 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);
(2) the extent to which the community partner coapplicant will participate in carrying out the partnership;
(3) the exte
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 4705
Stored review status: release_metadata_unconfirmed. Incoming connection: Explicit cross-reference supplied in source Markdown; currentness and applicability require review.
Federal law — U.S. Code and appendices · legal_authorities
**(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
Stored review status: release_metadata_unconfirmed. Incoming connection: Explicit cross-reference supplied in source Markdown; currentness and applicability require review.
Federal law — U.S. Code and appendices · legal_authorities
**(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
Page 1735
TITLE 12—BANKS AND BANKING
§ 4705
‘‘(b) REPORTING.—The Inspector General of the De-
partment of the Treasury shall submit to the Com-
mittee on Financial Services of the House of Rep-
resentatives and the Committee on Banking, Housing,
and Urban Affairs of the Senate and the Secretary of
the Treasury not less frequently than 2 times per year
a report relating to the oversight provided by the Office
of the Inspector General, including any recommenda-
tions for improvements to the programs described in
subsection (a).’’
§ 4704. Applications for assistance
(a) Form and procedures
An application for assistance under this sub-
chapter 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 applica-
tion—
(1) to establish that the applicant is, or will
be, a community development financial insti-
tution;
(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 ap-
plicant will be properly managed and will
have the capacity to operate as a commu-
nity development financial institution that
will not be dependent upon assistance from
the Fund for continued viability;
(B) an analysis of the needs of the invest-
ment 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 pro-
grams, and private sector financial services;
(D) an explanation of how the proposed ac-
tivities of the applicant are consistent with
existing
Source: Supplied 2024 U.S. Code historical extraction · 12 U.S.C. § 4704
Stored review status: historical_2024_not_currentness_verified. Same stored citation; legal effect and authority still require review.