Page:United States Statutes at Large Volume 106 Part 5.djvu/223

 PUBLIC LAW 102-550—OCT. 28, 1992 106 STAT. 3861 / (I) a depository institution holding company as defined in section 3 of the Federal Deposit Insurance Act (12 U.S.C. 1813); or (II) a nonprofit organization— (aa) that is organized under State law; (bb) has no part of its net earnings inuring to the benefit of any member, founder, contributor, or other person; (cc) complies with standards of financial accountability acceptable to the Secretary; and (dd) is affiliated with a nondepository lending institution; or is affiliated with a regulated fmancial institution but is not a subsidiary thereof; (ii) that has as its primary mission the revitalization of a targeted geographic area; (iii) that maintams, through significant representation on its governing board and otherwise, accountabliity to community residents; (iv) that has principals active in the implementation of its programs who possess significant experience j in lending and the development of affordable housing, small business development, or community revitalization; (v) that directiy or through a subsidiary or affiliate carries out development services; and (vi) that will match any assistance received dollarfor-dollar with non-Federal sources of funds; (E) the term "equity investment" means a capital contribution throi^h the purchase of nonvoting common stock or through equity grants or contributions to capital reserves or surplus, subject to terms and conditions satisfactory to the Secretary; (F) the term low-income person" means a person in a family whose income does not exceed 80 percent of the median income for the area, as determined by the Secretary with adjustments for smaller and lar^r families; (G) the term "regulated financial institution" means an insured depository institution (as defined in section 3 of the Federal Deposit Insurance Act (12 U.S.C. 1813), or an insured credit union as defined in section 101 of the Federal Credit Union Act (12 U.S.C. 1752)); (H) the term "Secretary" means the Secretary of Housing and Urban Development; (I) the term "targeted geographic area" means a geographically contiguous area of chronic economic distress, as measured by unemployment, growth lag, poverty, lag in growth of per capita income, extent of blight and disinvestment, fiscal distress, or other indicators deemed appropriate by the Secretary, that has been identified by an eligible organization as the area to be served by it; and (J) an entity is an "afiiliate" of another entity if the first entity controls, is controlled by, or is under common control with the other entiW. (4) SELECTION CRITERIA. —The Secretary shall select eligible organizations from among applications submitted to participate

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