Page:United States Statutes at Large Volume 106 Part 5.djvu/227

 PUBLIC LAW 102-550—OCT. 28, 1992 106 STAT. 3865 (i) may restrict any regulated financial institution's receipt of an extension of credit from, or investment by, an eligible organization; (ii) may restrict the making, by a regulated financial institution or holding company, of an extension of credit to, or investment in, an eligible organization; and (iii) shall prohibit any transaction that poses an undue risk to the affected deposit insurance fund. (C) To the extent practicable, the Secretary and the Federal financial supervisory agencies shall coordinate the development of regulations and other program guidelines. (15) SAFETY AND SOUNDNESS OF INSURED DEPOSITORIES. — Nothing in this section shall limit the applicability of other law relating to the safe and sound operation and management of a regulated financial institution (or a holding company) affiliated with an eligible organization or receiving assistance provided under this section. (16) EFFECTIVE DATE. —This section shall become effective 6 monthsfiromthe date of enactment of this Act. SEC. 8S4. EMERGENCY ASSISTANCE FOR LOS ANGELES. (a) IN GENERAL.— Of the funds made available under 107(b) of the Housing and Community Development Act of 1974 for purposes of this section, $3,000,000 shall be made available to each of the following: (1) A nonprofit community-based public benefit corporation which was created in response to the civil disturbcmces of April 29, 1992, through May 6, 1992, in Los Angeles, California, with the support of the Speaker of the California State Assembly and community elected officials representing the affected areas. (2) A nonprofit public benefit corporation established by the Mayor of Los Angeles and the Governor of California. (b) USE OF FUNDS. — Such funds shall be used to carry out a community revitalization strategy in areas for which the President, pursuant to title IV or V of the Robert T. Stafford Disaster Relief and Emergency Assistance Act, declared that a mtgor disaster or emergency existed for the purposes of such Act, as a result of the civil disturbances involving acts of violence occurring on or after April 29, 1992, and before May 6, 1992. (c) STRATEGY.— Such strategy shall— (1) include efforts to create jobs in distressed neighborhoods, spur community-based economic development, improve housing accessibility and affordability, and address other community development needs; and (2) be developed in consiiltation with low-income residents and commiinity leaders in the distressed areas. (d) ELIGIBLE ACTIVITIES. —Funds made available under this subsection may be used for eligible activities pursuant to section 105 of the Housing and Community Development Act of 1974 or to provide seed capital to nonprofit community development corporations to carry out the strategy developed in subsection (c)(2). (e) MATCH REQUIRED. —Funds provided under this section shall be matched with private or public non-Federal funds in an amount not less than 50 percent of the funds provided under this section.

�