Page:United States Statutes at Large Volume 108 Part 3.djvu/133

 PUBLIC LAW 103-322—SEPT. 13, 1994 108 STAT. 1885 (c) LOCAL AND PRIVATE SECTOR CONTRIBUTIONS. — TO receive funds available under a line of credit provided under this chapter, an entity, using procedures established by the Secretary, shall demonstrate to the community development corporation that such entity agrees to provide local and private sector contributions in accordance with section 31112(b)(2)(D), will participate with such community development corporation in a loan, guarantee or investment program for a designated business enterprise, and that the total financial commitment to be provided by such entity is at least equal to the amount to be drawn from the line of credit. (d) USE OF PROCEEDS FROM INVESTMENTS.— Proceeds derived from investments made using funds made available under this chapter may be used only for the purposes described in section 31111 and shall be reinvested in the community in which they were generated. SEC. 31116. PROGRAM PRIORITY FOR SPECIAL EMPHASIS PROGRAMS. 42 USC 13826. (a) IN GENERAL. —The Secretary shall give priority in providing lines of credit under this chapter to community development corporations that propose to undertake economic development activities in distressed communities that target women. Native Americans, at risk youth, farmworkers, population-losing communities, very low-income communities, single mothers, veterans, and refugees; or that expand employee ownership of private enterprises and small . businesses, and to programs providing loans of not more than $35,000 to very small business enterprises. (b) RESERVATION OF FUNDS. — Not less than 5 percent of the amounts made available under section 31112(a)(2)(A) may be reserved to carry out the activities described in subsection (a), CHAPTER 2—EMERGING COMMUNITY DEVELOPMENT CORPORATIONS SEC. 31121. COMMUNITY DEVELOPMENT CORPORATION IMPROVE- 42 USC 13841. MENT GRANTS. (a) PURPOSE.— It is the purpose of this section to provide assistance to community development corporations to upgrade the management and operating capacity of such corporations and to enhance the resources available to enable such corporations to increase their community economic development activities. (b) SKILL ENHANCEMENT GRANTS.— (1) IN GENERAL.—The Secretary shall award grants to community development corporations to enable such corporations to attain or enhance the business management and development skills of the individuals that manage such corporations to enable such corporations to seek the public and private resources necessary to develop community economic development projects. (2) USE OF FUNDS.—A recipient of a grant under paragraph (1) may use amounts received under such grant— (A) to acquire training and technical assistance from agencies or institutions that have extensive experience in the development and management of low-income community economic development projects; or (B) to acquire such assistance from other highly successful community development corporations. (c) OPERATING GRANTS.—

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