Page:United States Statutes at Large Volume 105 Part 3.djvu/429

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PUBLIC LAW 102-242 —DEC. 19, 1991 105 STAT. 2313 (A) meets the minimum area requirements under paragraph (3) and the eligibility requirements of paragraph (4); and (B) is designated as a distressed community by any insured depository institution in accordance with paragraph (2) and such designation is not disapproved under such paragraph. (2) DESIGNATION REQUIREMENTS. — (A) NOTICE OF DESIGNATION.— (i) NOTICE TO AGENCY. —Upon designating an area as a qualified distressed community, an insured depository institution shall notify the appropriate Federal banking agency of the designation. (ii) PUBLIC NOTICE.— Upon the effective date of any designation of an area as a qualified distressed community, an insured depository institution shall publish a notice of such designation in major newspapers and other community publications which serve such area. (B) AGENCY DUTIES RELATING to DESIGNATIONS. — (i) PROVIDING INFORMATION. — At the request of any insured depository institution, the appropriate Federal / banking agency shall provide to the institution appropriate information to assist the institution to identify and designate a qualified distressed community. (ii) PERIOD FOR DISAPPROVAL. — Any notice received by Effective date, the appropriate Federal banking agency from any insured depository institution under subparagraph (A)(i) shall take effect at the end of the 90-day period beginning on the date such notice is received unless written notice of the approval or disapproval of the application by the agency is provided to the institution before the end of such period. (3) MINIMUM AREA REQUIREMENTS. — For purposes of this subsection, an area meets the requirements of this paragraph if— (A) the area is within the jurisdiction of 1 unit of general local government; (B) the boundary of the area is contiguous; and (C) the area— (i) has a population, as determined by the most recent census data available, of not less than— (I) 4,000, if any portion of such area is located within a metropolitan statistical area (as designated by the Director of the Office of Management and Budget) with a population of 50,000 or more; or (II) 1,000, in any other case; or (ii) is entirely within an Indian reservation (as determined by the Secretary of the Interior). (4) ELIGIBILITY REQUIREMENTS. —For purposes of this subsection, an area meets the requirements of this paragraph if at least 2 of the following criteria are met: (A) INCOME.—At least 70 percent of the families and unrelated individuals residing in the area have incomes of less than 80 percent of the median income of the area. (B) POVERTY. —At least 20 percent of the residents residing in the area have incomes which are less than the