Page:United States Statutes at Large Volume 108 Part 3.djvu/132

 108 STAT. 1884 PUBLIC LAW 103-322—SEPT. 13, 1994 (1) with a median income that does not exceed 80 percent of the median for the area (as determined by the Secretary); and (2) with a high rate of unemployment, as determined by the Secretary or in which the population loss is at least 7 percent from April 1, 1980, to April 1, 1990, as reported by the Bureau of the Census. 42 USC 13824. SEC. 31114. AVAILABILITY OF LINES OF CREDIT AND USE. (a) APPROVAL OF APPLICATION.— The Secretary shall provide a community development corporation that has an application approved under section 31113 with a line of credit in an amount determined appropriate by the Secretary, subject to the limitations contained in subsection (b). (b) LIMITATIONS ON AVAILABILITY OF AMOUNTS. — (1) MAXIMUM AMOUNT. —The Secretary shall not provide in excess of $2,000,000 in lines of credit under this chapter to a single applicant. (2) PERIOD OF AVAILABILITY. —A line of credit provided under this chapter shall remain available over a period of time established by the Secretary, but in no event shall any such period of time be in excess of 3 years from the date on which such line of credit is made available. (3) EXCEPTION.— Notwithstanding paragraphs (1) and (2), if a recipient of a line of credit under this chapter has made full and productive use of such line of credit, can demonstrate the need and demand for additional assistance, and can meet the requirements of section 31112(b)(2), the amount of such line of credit may be increased by not more than $1,500,000. (c) AMOUNTS DRAWN FROM LINE OF CREDIT.— Amounts drawn from each line of credit under this chapter shall be used solely for the purposes described in section 31111 and shall only be drawn down as needed to provide loans, investments, or to defray administrative costs related to the establishment of a revolving loan fund. (d) USE OF REVOLVING LOAN FUNDS.— Revolving loan funds established with lines of credit provided under this chapter may be used to provide technical assistance to private business enterprises and to provide financial assistance in the form of loans, loan guarantees, interest reduction assistance, equity shares, and other such forms of assistance to business enterprises in target areas and who are in compliance with section 31113(a)(4). 42 USC 13825. SEC. 31115. LIMITATIONS ON USE OF FUNDS. (a) MATCHING REQUIREMENT. — Not to exceed 50 percent of the total amount to be invested by an entity under this chapter may be derived from funds made available from a line of credit under this chapter. (b) TECHNICAL ASSISTANCE AND ADMINISTRATION. — Not to exceed 10 percent of the amounts available from a line of credit under this chapter shall be used for the provision of training or technical assistance and for the planning, development, and management of economic development projects. Community development corporations shall be encouraged by the Secretary to seek technical assistance from other community development corporations, with expertise in the planning, development and management of economic development projects. The Secretary shall assist in the identification and facilitation of such technical assistance.

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