Page:United States Statutes at Large Volume 114 Part 5.djvu/693

 PUBLIC LAW 106-554—APPENDIX H 114 STAT. 2763A-653 APPENDIX H—H.R. 5663 SECTION 1. NEW MARKETS VENTURE CAPITAL PROGRAM. (a) SHORT TITLE. — This section may be cited as the "New Markets Venture Capital Program Act of 2000". (b) NEW MARKETS VENTURE CAPITAL PROGRAM.— Title III of the Small Business Investment Act of 1958 (15 U.S.C. 681 et seq.) is amended— (1) in the heading for the title, by striking "SMALL BUSI- NESS INVESTMENT COMPANIES"and inserting "INVEST- MENT DIVISION PROGRAMS"; (2) by inserting before the heading for section 301 the following: " P ART A—SMALL BUSINESS INVESTMENT COMPANIES"; and (3) by adding at the end the following: " PART B —^NEW MARKETS VENTURE CAPITAL PROGRAM " SEC. 351. DEFINITIONS. "In this part, the following definitions apply: "(1) DEVELOPMENTAL VENTURE CAPITAL.—The term 'developmental venture capital' means capital in the form of equity capital investments in businesses made with a primary objective of fostering economic development in low-income geographic areas. For the purposes of this paragraph, the term 'equity capital' has the same meaning given such term in section 303(g)(4). "(2) LOW-INCOME INDIVIDUAL. — The term 'low-income individual' means an individual whose income (adjusted for family size) does not exceed— "(A) for metropolitan areas, 80 percent of the area median income; and "(B) for nonmetropolitan areas, the greater of— "(i) 80 percent of the area median income; or "(ii) 80 percent of the statewide nonmetropolitan area median income. "(3) LOW-INCOME GEOGRAPHIC AREA. —the term 'low-income geographic area' means— "(A) any population census tract (or in the case of an area that is not tracted for population census tracts, the equivalent county division, as defined by the Bureau of the Census of the Department of Commerce for purposes of defining poverty areas), if—

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