Page:United States Statutes at Large Volume 108 Part 3.djvu/427

 PUBLIC LAW 103-325—SEPT. 23, 1994 108 STAT. 2179 in this paragraph shall affect the application of Federal tax law. (2) LIABILITY OF GOVERNMENT. —T his section does not oblige the Federal Government, either directly or indirectly, to provide any funds to any organization assisted pursuant to this section, or to honor, reimburse, or otherwise guarantee any obligation or liability of such an organization. This section shall not be construed to imply that any such organization or any obligations or securities of any such organization are backed by the full faith and credit of the United States, (f) USE OF PROCEEDS. — Any proceeds from the sale of loans by an organization assisted under this section shall be used by the seller for community development purposes. SEC. 114. INCENTIVES FOR DEPOSITORY INSTITUTION PARTICIPATION. 12 USC 4713. (a) FUNCTION OF ADMINISTRATOR. — (1) IN GENERAL. —Of any funds appropriated pursuant to the authorization in section 121(a), the funds made available for use in carrying out this section in accordance with section 121(a)(4) shall be administered by the Administrator of the Fund, in consultation with— (A) the Federal banking agencies (as defined in section 3 of the Federal Deposit Insurance Act) and the National Credit Union Administration; (B) the individuals named pursuant to clauses (ii) and (iv) of section 104(d)(2)(G); and (C) any other representatives of insured depository institutions or other persons as the Administrator may determine to be appropriate. (2) APPLICABILITY OF BANK ENTERPRISE ACT OF 1991. —Subject to subsection (b) and the consultation requirement of paragraph (1)— (A) section 233 of the Bank Enterprise Act of 1991 shall be applicable to the Administrator, for purposes of this section, in the same manner and to the same extent that such section is applicable to the Community Enterprise Assessment Credit Board; (B) the Administrator shall, for purposes of carrying out this section and section 233 of the Bank Enterprise Act of 1991— (i) have all powers and rights of the Community Enterprise Assessment Credit Board under section 233 of the Bank Enterprise Act of 1991 to administer and enforce any provision of such section 233 which is applicable to the Administrator under this section; and (ii) shall be subject to the same duties and restrictions imposed on the Community Enterprise Assessment Credit Board; and (C) the Administrator shall— (i) have all powers and rights of an appropriate Federal banking agency under section 233(b)(2) of the Bank Enterprise Act of 1991 to approve or disapprove the designation of qualified distressed communities for purposes of this section and provide information and assistance with respect to any such designation; and

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