Page:United States Statutes at Large Volume 108 Part 3.djvu/134

 108 STAT. 1886 PUBLIC LAW 103-322—SEPT. 13, 1994 (1) IN GENERAL.— The Secretary shall award grants to community development corporations to enable such corporations to support an administrative capacity for the planning, development, and management of low-income 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 conduct evaluations of the feasibility of potential low-income community economic development projects that address identified needs in the low-income community and that conform to those projects and activities permitted under subtitle A; (B) to develop a business plan related to such a potential project; or (C) to mobilize resources to be contributed to a planned low-income community economic development project or strategy. (d) APPLICATIONS. —^A community development corporation that desires to receive a grant under this section shall prepare and submit to the Secretary an application at such time, in such manner, and containing such information as the Secretary may require. (e) AMOUNT AVAILABLE FOR A COMMUNITY DEVELOPMENT COR- PORATION.—Amounts provided under this section to a community development corporation shall not exceed $75,000 per year. Such corporations may apply for grants under this section for up to 3 consecutive years, except that such corporations shall be required to submit a new application for each grant for which such corporation desires to receive and compete on the basis of such applications in the selection process. 42 USC 13842. SEC. 31122. EMERGING COMMUNITY DEVELOPMENT CORPORATION REVOLVING LOAN FUNDS. (a) AUTHORITY.— The Secretary may award grants to emerging community development corporations to enable such corporations to establish, maintain or expand revolving loan funds, to make or guarantee loans, or to make capital investments in new or expanding local businesses. (b) ELIGIBILITY. —To be eligible to receive a grant under subsection (a), an entity shall— (1) be a community development corporation; (2) have completed not less than one nor more than two community economic development projects or related projects that improve or provide job and employment opportunities to low-income individuals; (3) prepare and submit to the Secretary an application at such time, in such manner, and containing such information as the Secretary may require, including 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 using amounts received under the grant and the impact of such assistance on low-income individuals; and (4) 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 is equal to at least 10 percent of the simounts requested in the application submitted under paragraph (2). (c) USE OF THE REVOLVING LOAN FUND.—

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