12 2 STA T . 1 95 5 PUBLIC LA W 11 0– 2 46—J U NE 1 8, 2008 ‘ ‘ SEC.385G . RU R AL E NDOWM EN T LOANS P ROGRAM. ‘ ‘ (a)INGE NE RAL.—TheS e cr e t ar ym ay p r ovid e l o ng- term loan s to eligi b le comm u nity f oundations to assist in the implementation of regional investment strategies. ‘‘(b) E L IG I B LE COM M U NI TYF OUN D ATION S .—To be eligible to receive a loan under this section , a community foundation shall— ‘‘( 1 ) be located in an area that is covered by a regional investment strategy
‘‘( 2 ) match the amount of the loan w ith an amount that is at least 2 50 percent of the amount of the loan; and ‘‘( 3 ) use the loan and the matching amount to carry out the regional investment strategy in a manner that is targeted to community and economic development, including through the development of community foundation endowments. ‘‘(c) TERMS.— A loan made under this section shall— ‘‘(1) have a term of not less than 10, nor more than 20, years; ‘‘(2) bear an interest rate of 1 percent per annum; and ‘‘(3) be sub j ect to such other terms and conditions as are determined appropriate by the Secretary. ‘‘SEC. 385 H . AUTHOR IZ ATION O F APPROPRIATIONS. ‘‘There are authori z ed to be appropriated to carry out this subtitle $ 135,000,000 for the period of fiscal years 200 9 through 2012. ’ ’. SEC. 6029 . FUNDING OF PENDING RURAL DE V ELOPMENT LOAN AND GRANT APPLICATIONS. (a) D E F INITION OF A P PLI C ATION.—In this section, the term ‘‘application’’ does not include an application for a loan or grant that, as of the date of enactment of this Act, is in the preapplication phase of consideration under regulations of the Secretary in effect on the date of enactment of this Act. (b) U SE OF FUNDS.—Subject to subsection (c), the Secretary shall use funds made available under subsection (d) to provide funds for applications that are pending on the date of enactment of this Act for— (1) water or waste disposal grants or direct loans under paragraph (1) or (2) of section 30 6 (a) of the Consolidated Farm and R ural Development Act ( 7 U.S.C. 1926(a)); and (2) emergency community water assistance grants under section 306A of that Act (7 U.S.C. 1926a). (c) L IMITATIONS.— (1) APPROPRIATED AMOUNTS.—Funds made available under this section shall be available to the Secretary to provide funds for applications for loans and grants described in subsection (b) that are pending on the date of enactment of this Act only to the e x tent that funds for the loans and grants appro- priated in the annual appropriations Act for fiscal year 2007 have been exhausted. (2) P ROGRAM RE Q UIREMENTS.—The Secretary may use funds made available under this section to provide funds for a pending application for a loan or grant described in subsection (b) only if the Secretary processes, reviews, and approves the application in accordance with regulations in effect on the date of enactment of this Act. 7USC20 0 9d d – 7 . 7 USC 2009dd– 6 .
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