Page:United States Statutes at Large Volume 122.djvu/1172

 12 2 STA T . 11 49PUBLIC LA W 11 0– 2 3 4 —M A Y 22, 200 8‘ ‘ (I I )touse t h e f u nd s des crib ed in subc la use (I) onl y for 1 or m ore eli g ible e xp enditures described in paragraph ( 5 )( A ) and ‘‘(III) to complete financial training; and ‘‘(ii) the q ualified entity agrees — ‘‘(I) to deposit , not later than 1 month after an amount is deposited pursuant to clause (i)(I), atleasta1 0 0 - percent, and up to a 2 00-percent, match of that amount into the indi v idual develop- ment account established for the eligible partici- pant; and ‘‘(II) w ith uses of funds proposed by the eligible participant . ‘‘( C ) LIM I TA TI ON .— ‘‘(i) IN GE NE R A L .—A qualified entity administering a demonstration program under this section may pro- vide not more than $6 ,000 for each fiscal year in matching funds to the individual development account established by the qualified entity for an eligible participant. ‘‘(ii) T REATMENT O F AMO U NT.—An amount provided under clause (i) shall not be considered to be a gift or loan for mortgage purposes. ‘‘(5) E LIGI B LEE XP EN D ITURE S .— ‘‘(A) IN GENERAL.—An eligible expenditure described in this subparagraph is an expenditure— ‘‘(i) to purchase farmland or ma k e a down payment on an accepted purchase offer for farmland; ‘‘(ii) to make mortgage payments on farmland pur- chased pursuant to clause (i), for up to 1 8 0 days after the date of the purchase; ‘‘(iii) to purchase breeding stock, fruit or nut trees, or trees to harvest for timber; and ‘‘(iv) for other similar expenditures, as determined by the S ecretary. ‘‘( B ) TIMING.— ‘‘(i) IN GENERAL.—An eligible participant may make an eligible expenditure at any time during the 2-year period beginning on the date on which the last matching funds are provided under paragraph ( 4 )(B)(ii)(I) to the individual development account established for the eligible participant. ‘‘(ii) U NEXPENDED FUNDS.—At the end of the period described in clause (i), any funds remaining in an individual development account established for an eligible participant shall revert to the reserve fund of the demonstration program under which the account was established. ‘‘(c) APPLI C ATIONS.— ‘‘(1) IN GENERAL.—A qualified entity that seeks to carry out a demonstration program under this section may submit to the Secretary an application at such time, in such form, and containing such information as the Secretary may pre- scribe. ‘‘(2) CRITERIA.—In considering whether to approve an application to carry out a demonstration program under this section, the Secretary shall assess—

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