Page:United States Statutes at Large Volume 108 Part 3.djvu/130

 108 STAT. 1882 PUBLIC LAW 103-322—SEPT. 13, 1994 National Community Economic Partnership Act of 1994. 42 USC 13701 note. 42 USC 13821. 42 USC 13822. SEC. 31002. TECHNICAL AMENDMENT. The table of chapters at the beginning of subtitle V of title 31, United States Code, is amended by adding after the item relating to chapter 65 the following: "67. Federal payments 6701". Subtitle K—National Community Economic Partnership SEC. 31101. SHORT TITLE. This subtitle may be cited as the "National Community Economic Partnership Act of 1994". CHAPTER 1—COMMUNITY ECONOMIC PARTNERSHIP INVESTMENT FUNDS SEC. 31111. PURPOSE. It is the purpose of this chapter to increase private investment in distressed local communities and to build and expand the capacity of local institutions to better serve the economic needs of local residents through the provision of financial and technical assistance to community development corporations. SEC. 31112. PROVISION OF ASSISTANCE. (a) AUTHORITY. — The Secretary of Health and Human Services (referred to in this subtitle as the "Secretary") may, in accordance with this chapter, provide nonrefundable lines of credit to community development corporations for the establishment, maintenance or expansion of revolving loan funds to be utilized to finsince projects intended to provide business and employment opportunities for low-income, unemployed, or underemployed individuals and to improve the quality of life in urban and rural areas. (b) REVOLVING LOAN FUNDS. — (1) COMPETITIVE ASSESSMENT OF APPLICATIONS. — In providing assistance under subsection (a), the Secretary shall establish and implement a competitive process for the solicitation and consideration of applications from eligible entities for lines of credit for the capitalization of revolving funds. (2) ELIGIBLE ENTITIES.— -To be eligible to receive a line of credit under this chapter an applicant shall— (A) be a community development corporation; (B) prepeire and submit an application to the Secretary that shall include a strategic investment plan that identifies and describes the economic characteristics of the target area to be served, the types of business to be assisted and the impact of such assistance on low-income, underemployed, and unemployed individuals in the target area; (C) demonstrate previous experience in the development of low-income housing or community or business development projects in a low-income community and provide a record of achievement with respect to such projects; and (D) have secured one or more commitments from local sources for contributions (either in cash or in kind, letters of credit or letters of commitment) in an amount that

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