Page:United States Statutes at Large Volume 122.djvu/1216

 12 2 STA T . 11 93PUBLIC LA W 11 0– 23 4—M A Y 22, 200 8grante e co nt i n u e s to b e certi f ie d b y t h e S ecretary as m a k ing ade q uate p rogress to w ard achie v ing estab l ished benchmarks .‘ ‘ ( g )COST S HARING . — ‘‘( 1 ) W AI VE RO F GRANTEE SHARE.— T he Secretary may waive the share of a grantee of the costs of a pro j ect funded by a regional innovation grant under this section if the Secretary determines that such a waiver is appropriate , including with respect to special circumstances within tribal regions, in the event an area e x periences— ‘‘( A ) a sudden or severe economic dislocation ‘‘( B ) significant chronic unemployment or poverty; ‘‘(C) a natural disaster; or ‘‘( D ) other severe economic, social, or cultural duress. ‘‘( 2 ) O THER FE D ERA LP ROGRA M S.— F or the purpose of deter - mining cost-sharing requirements for any other Federal pro- gram, funds provided as a regional innovation grant under this section shall be considered to be non-Federal funds. ‘‘(h) N ON C OMPLIANCE.— I fa R egional Board or other eligible grantee fails to comply with any requirement relating to the use of funds provided under this section, the Secretary may— ‘‘(1) take such actions as are necessary to obtain reimburse- ment of unused grant funds; and ‘‘(2) reprogram the recaptured funds for purposes relating to implementation of this subtitle. ‘‘(i) P RIORIT Y TO AREAS WITH A W ARDS AND APPROVED STRATE- GIES.— ‘‘(1) IN GENERAL.—Subject to paragraph ( 3 ), in providing rural development assistance under other programs, the Sec- retary shall give a high priority to areas that receive innovation grants under this section. ‘‘(2) CONS U LTATION.—The Secretary shall consult with the heads of other Federal agencies to promote the development of priorities similar to those described in paragraph (1). ‘‘(3) EX CLUSION OF CERTAIN PROGRAMS.—Paragraph (1) shall not apply to the provision of rural development assistance under any program relating to basic health, safety, or infra- structure, including broadband deployment or minimum environmental needs. ‘ ‘ SEC.385G . RU R AL E NDOWM EN T LOANS P ROGRAM. ‘‘(a) IN G ENERAL.—The Secretary may provide long-term loans to eligible community foundations to assist in the implementation of regional investment strategies. ‘‘(b) ELIGI B LE COMMUNITY FOUNDATIONS.—To be eligible to receive a loan under this section, a community foundation shall— ‘‘(1) be located in an area that is covered by a regional investment strategy; ‘‘(2) match the amount of the loan with an amount that is at least 2 50 percent of the amount of the loan; and ‘‘(3) use the loan and the matching amount to carry out the regional investment strategy in a manner that is targeted to community and economic development, including through the development of community foundation endowments. ‘‘(c) TERMS.—A loan made under this section shall— ‘‘(1) have a term of not less than 10, nor more than 20, years; ‘‘(2) bear an interest rate of 1 percent per annum; and 7USC20 0 9d d –6.

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