Page:United States Statutes at Large Volume 122.djvu/1934

 12 2 STA T . 1 9 11 PUBLIC LA W 11 0– 2 46—J U NE 1 8, 2008 2-yearp er iodb e g i n ning on th e date on w hi c h the l a s t m atching fu nds are pro v ided under paragraph (4) ( B )(ii)( I ) to the individual development account established for the eligible participant .‘ ‘(ii) UNEXP EN D ED FU ND S . —A t 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) APP LICAT I O NS.— ‘‘( 1 )IN G ENE R AL.—A q ualified entity that see k s to carry out a demonstration program under this section may submit to the S ecretary an application at such time, in such form, and containing such information as the Secretary may pre- scribe. ‘‘(2) C RITERIA.—In considering whether to approve an application to carry out a demonstration program under this section, the Secretary shall assess— ‘‘(A) the degree to which the demonstration program described in the application is likely to aid eligible partici- pants in successfully pursuing new farming opportunities ‘‘(B) the e x perience and ability of the qualified entity to responsibly administer the demonstration program; ‘‘(C) the experience and ability of the qualified entity in recruiting, educating, and assisting eligible participants to increase economic independence and pursue or advance farming opportunities; ‘‘( D ) the aggregate amount of direct funds from non- F ederal public sector and private sources that are formally committed to the demonstration program as matching con- tributions; ‘‘( E ) the adequacy of the plan of the qualified entity to provide information relevant to an evaluation of the demonstration program; and ‘‘(F) such other factors as the Secretary considers to be appropriate. ‘‘( 3 ) P REFERENCES.—In considering an application to con- duct a demonstration program under this section, the Secretary shall give preference to an application from a qualified entity that demonstrates— ‘‘(A) a track record of serving clients targeted by the program, including, as appropriate, socially disadvantaged farmers or ranchers (as defined in section 3 5 5(e)(2)); and ‘‘(B) expertise in dealing with financial management aspects of farming. ‘‘(4) APPRO V AL.— N ot later than 1 year after the date of enactment of this section, in accordance with this section, the Secretary shall, on a competitive basis, approve such applica- tions to conduct demonstration programs as the Secretary con- siders appropriate. ‘‘(5) T ER M OF AUT H ORIT Y .—If the Secretary approves an application to carry out a demonstration program, the Secretary shall authori z e the applicant to carry out the pro j ect for a period of 5 years, plus an additional 2 years to make eligible expenditures in accordance with subsection (b)(5)(B). ‘‘(d) G RANT AUTHORITY.— Deadlin e .

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