Page:United States Statutes at Large Volume 95.djvu/519

 PUBLIC LAW 97-35-AUG. 13, 1981

95 STAT. 493

FEDERAL SHARE

SEC. 619. (a)(1) Assistance provided under this subchapter to any 42 USC 9808. program described in section 618(a) shall not exceed 90 percent of the cost of such program, including costs of administration, unless the Secretary determines that the assistance in excess of such percentage is required in furtherance of the purposes of this subchapter. NonFederal contributions may be in cash or in kind, fairly evaluated, including but not limited to plant, equipment, and services. (2) The assistance referred to in paragraph (1) shall be made available (A) for deposit to the order of grantees which have demonstrated successfid program performance, under conditions which the Secretary deems appropriate, within 80 days following approval of the grant agreement by the Secretary and such grantee; or (B) whenever the Secretary deems appropriate, in accordance with applicable rules and regulations prescribed by the Secretary of the Treasury, and including any other conditions which the Secretary of Health and Human Services deems appropriate, within 30 days following approval of the grant agreement by the Secretary and such grantee. (b) Property acquired as a result of capital investments made by any community development corporation with funds granted as ite Federal share of the cost of programs carried out under this subchapter, and the proceeds from such property, shall become the property of the community development corporation and shall not be considered to be Federal property. The Federal Government retains the right to direct that on severance of the grant relationship the assets purchased with grant funds shall continue to be used for the original purpose for which they were granted. PART 2—SPECIAL RURAL PROGRAMS STATEMENT OF PURPOSE

SEC. 620. It is the purpose of this part to meet the special economic 42 USC 9809. needs of rural communities or areas with concentrations or substantigil numbers of low-income persons by providing support to self-help programs which promote economic development and independence, as a supplement to existing similar programs conducted by other departments and agencies of the Federal Government. Such programs should encourage low-income families to pool their talents and resources so as to create and expand rural economic enterprise. FINANCIAL ASSISTANCE

SEC. 621. (a) The Secretary is authorized to provide financial 42 USC 9810. assistance, including loans having a maximum maturity of fifteen years and in amounts not resulting in an aggregate principal indebtedness of more than $3,500 at any one time, to any low-income rural family where, in the judgment of the Secretary, such financial assistance has a reasonable possibility of effecting a permanent increase in the income of such families, or will contribute to the improvement of their living or housing conditions, by assisting or permitting them to— (1) acquire or improve real estate or reduce encumbrances or erect improvements thereon;

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