Page:United States Statutes at Large Volume 106 Part 5.djvu/224

 106 STAT. 3862 PUBLIC LAW 102-550—OCT. 28, 1992 in the demonstration program, using selection criteria based on— (A) the capacity of the eligible organizations to carry out the purposes of this section; (B) the range and comprehensiveness of lending, investment strategies, and development services to he offered by the organizations directly or through subsidiaries and affiliates thereof; (C) the types of activities to be pursued, including lending and development of small business, agriculture, industrial, commercial, or residential projects; (D) the extent of need in the targeted geographic area to be served; (E) the experience and background of the principals at each eligible organization responsible for carrying out the purposes of this section; (F) the extent to which the eligible organizations directly or through subsidiaries and afaliates luus successfully implemented otherrovitalizationactivities; (G) an appropriate distribution of eligible organizations amongregionsof the United States; and (H) other criteria determined to be appropriate by the Secretary and consistent with the purposes or this section. (5) PROGRAM ASSISTANCE.—The Secretary shall— (A) carry out, in accordance with this section, a program to improve access to capital and demonstrate the feasibility of facilitating the revitalization of targeted geographic areas by providing assistance to eligible organizations; (B) accept applicationsfiromeligible organizations; and (C) select eligible organizations to receive assistance pursuant to this section. (6) AcnvmES REQUIRED. —All eligible organizations receiving assistance pursuant to this section are required to engage in activities that provide access to capital for mitiatives which benefit residents and businesses in targeted geographic areas. (7) CAPITAL ASSISTANCE.— (A) IN GENERAL.— (i) IN GENERAL.— The Secretary shall make grants and loans to eligible organizations. (ii) LOANS. — Assistance provided to a depository institution holding company that is an eligible organization as denned in paragraph (SXDXiXD shall be in the form of a loan to be repaid to the Secretary. The terms and conditions of each loan shall be determined by the Secretary based on the ability of such entity to repay> except that interest shall accrue at the current Treasury rate for obhgations of comparable maturity. (iii) GRANTS OR LOANS. — Assistance provided to an eligible organization that is a nonprofit organization, as defined in paragraph (SXDXiXID, may be in the form of a grant or a loan. If an eligible organization that is a nonprofit organization uses assistance tiiat it received under this section to provide assistance to a for-profit entity, the assistance provided by the nonprofit organization must be in the form of a loan

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