Page:United States Statutes at Large Volume 105 Part 3.djvu/433

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PUBLIC LAW 102-242—DEC. 19, 1991 105 STAT. 2317 (c) COMMUNITY DEVELOPMENT CORPORATION REQUIREMENTS.— Any community development corporation, or community development unit within any insured depository institution meets the requirements of this subsection if the corporation or unit provides the same or greater, as determined by the appropriate Federal banking agency, community participation in the activities of such corporation or unit as would be provided by a Community Investment Board under subsection (b) if such corporation or unit were a community development bank. (d) ADEQUATE DISPERSAL REQUIREMENT.— The appropriate Federal banking agency may approve the establishment of a community development organization under this subtitle only upon finding that the distressed community is not adequately served by an existing community development organization. (e) DEFINITIONS.—For purposes of this section— (1) COMMUNITY DEVELOPMENT BANK.— The term "community development bank" means any depository institution (as defined in section 3(c)(1) of the Federal Deposit Insurance Act). (2) COMMUNITY DEVELOPMENT ORGANIZATION.— The term "community development organization" means any community development bank, community development corporation, community development unit within any insured depository institution, or community development credit union. (3) Low- AND MODERATE-INCOME PERSONS. —The term "lowand moderate-income persons" has the meaning given such term in section 102(a)(20) of the Housing and Community Development Act of 1974. (4) NONPROFIT ORGANIZATION; SMALL BUSINESS. —The terms "nonprofit organization" and "small business" have the meanings given to such terms by regulations which the appropriate Federal banking agency shall prescribe for purposes of this section. (5) QUALIFIED DISTRESSED COMMUNITY. — The term "qualified distressed community" has the meaning given to such term in section 233(b). Subtitle D—FDIC Property Disposition SEC. 241. FDIC AFFORDABLE HOUSING PROGRAM. (a) IN GENERAL. —The Federal Deposit Insurance Act (12 U.S.C. 1811 et seq.) is amended by adding after section 39 (as added by section 228 of this title) the following new section: "SEC. 40. FDIC AFFORDABLE HOUSING PROGRAM. Disadvantaged. "(a) PURPOSE.— The purpose of this section is to provide I83lq. homeownership and rental housing opportunities for very lowincome, low-income, and moderate-income families. "(b) FUNDING AND LIMITATIONS OF PROGRAM. — "(1) DURATION OF PROGRAM.— The provisions of this section shall be effective, subject to the provisions of paragraph (2), only during the 3-year period beginning upon the commencement of the first fiscal year for which amounts are provided pursuant to paragraph (2)(A). " (2) ANNUAL FISCAL LIMITATIONS. —