Page:United States Statutes at Large Volume 112 Part 3.djvu/753

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PUBLIC LAW 105-276—OCT. 21, 1998 112 STAT. 2583 "(2) ENDOWMENT TRUST FOR SUPPORTIVE SERVICES.—In using grant amounts under this section made available in fiscal year 2000 or thereafter for supportive services under paragraph (1)(L), a public housing agency may deposit such amounts in an endowment trust to provide supportive services over such period of time as the agency determines. Such amounts shall be provided to the agency by the Secretary in a lump sum when requested by the agency, shall be invested in a wise and prudent manner, and shall be used (together with any interest thereon earned) only for eligible uses pursuant to paragraph (1)(L). A public housing agency may use amounts in an endowment trust under this paragraph in conjunction with other amounts donated or otherwise made available to the trust for similar purposes. " (e) APPLICATION AND SELECTION.— "(1) APPLICATION. —An application for a grant under this section shall demonstrate the appropriateness of the proposal in the context of the local housing market relative to other alternatives, and shall include such other information and be submitted at such time and in accordance with such procedures, as the Secretary shall prescribe. "(2) SELECTION CRITERIA.— The Secretary shall establish selection criteria for the award of grants under this section and shall include such factors as— "(A) the relationship of the grant to the public housing agency plan for the applicant and how the grant will result in a revitalized site that will enhance the neighborhood in which the project is located and enhance economic opportunities for residents; "(B) the capability and record of the applicant public housing agency, or any alternative management entity for the agency, for managing large-scale redevelopment or modernization projects, meeting construction timetables, and obligating amounts in a timely manner; "(C) the extent to which the applicant could undertake such activities without a grant under this section; "(D) the extent of involvement of residents. State and local governments, private service providers, financing entities, and developers, in the development of a revitalization program for the project; "(E) the need for affordable housing in the community; "(F) the supply of other housing available and affordable to families receiving tenant-based assistance under section 8; "(G) the amount of funds and other resources to be leveraged by the grant; "(H) the extent of the need for, and the potential impact of, the revitalization program; and "(I) such other factors as the Secretary considers appropriate. " (3) APPLICABILITY OF SELECTION CRITERIA.—The Secretary may determine not to apply certain of the selection criteria established pursuant to paragraph (2) when awarding grants for demolition only, tenant-based assistance only, or other specific categories of revitalization activities. This section may not be construed to require any application for a grant under