Page:United States Statutes at Large Volume 108 Part 3.djvu/135

 PUBLIC LAW 103-322—SEPT. 13, 1994 108 STAT. 1887 (1) IN GENERAL. —^A revolving loan fund established or maintained with amounts received under this section may be utilized to provide financial and technical assistance, loans, loan guarantees or investments to private business enterprises to— (A) finance projects intended to provide business and employment opportunities for low-income individuals and to improve the quality of life in urban and rural areas; and (B) build and expand the capacity of emerging community development corporations and serve the economic needs of local residents. (2) TECHNICAL ASSISTANCE.—The Secretary shall encourage emerging community development corporations that receive grants under this section to seek technical assistance from established community development corporations, with expertise in the planning, development and management of economic development projects and shall facilitate the receipt of such assistance. (3) LIMITATION.— Not to exceed 10 percent of the amounts received under this section by a grantee shall be used for training, technical assisteuice and administrative purposes. (d) USE OF PROCEEDS FROM INVESTMENTS.—Proceeds derived from investments made with amounts provided under this section may be utilized only for the purposes described in this subtitle and shall be reinvested in the community in which they were generated. (e) AMOUNTS AVAILABLE. —Amounts provided under this section to a community development corporation shall not exceed $500,000 per year. CHAPTER 3—MISCELLANEOUS PROVISIONS SEC. 31131. DEFmrriONS. 42 USC 1385L As used in this subtitle: (1) COMMUNITY DEVELOPMENT CORPORATION. — The term "community development corporation" means a private, nonprofit corporation whose board of directors is comprised of business, civic and community leaders, and whose principal purpose includes the provision of low-income housing or community economic development projects that primarily benefit lowincome individuals and communities. (2) LOCAL AND PRIVATE SECTOR CONTRIBUTION.— The term "local and private sector contribution" means the funds available at the local level (by private financial institutions. State and local governments) or by any private philanthropic organization and private, nonprofit organizations that will be committed and used solely for the purpose of financing private business enterprises in conjunction with amounts provided under this subtitle. (3) POPULATION-LOSING COMMUNITY.—The term "population-losing community" means any county in which the net population loss is at least 7 percent from April 1, 1980 to April 1, 1990, as reported by the Bureau of the Census. (4) PRIVATE BUSINESS ENTERPRISE.— The term "private business enterprise" means any business enterprise that is engaged in the manufacture of a product, provision of a service, construe-

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