Page:United States Statutes at Large Volume 108 Part 3.djvu/131

From Wikisource
Jump to: navigation, search
This page needs to be proofread.

PUBLIC LAW 103-322—SEPT. 13, 1994 108 STAT. 1883 is at least equal to the amount requested in the application submitted under subparagraph (B). (3) EXCEPTION.— Notwithstanding the provisions of paragraph (2)(D), the Secretary may reduce local contributions to not less than 25 percent of the amount of the line of credit requested by the community development corporation if the Secretary determines such to be appropriate in accordance with section 31116. SEC. 31113. APPROVAL OF APPLICATIONS. 42 USC 13823. (a) IN GENERAL.—In evaluating applications submitted under section 31112(b)(2)(B), the Secretary shall ensure that— (1) the residents of the target area to be served (as identified under the strategic development plan) would have an income that is less than the median income for the area (as determined by the Secretary); (2) the applicant community development corporation possesses the technical and managerial capability necessary to administer a revolving loan fund and has past experience in the development and management of housing, community and economic development programs; (3) the applicant community development corporation has provided sufficient evidence of the existence of good working relationships with— (A) local businesses and financial institutions, as well as with the community the corporation proposes to serve; and (B) local and regional job training programs; (4) the applicant community development corporation will target job opportunities that arise from revolving loan fund investments under this chapter so that 75 percent of the jobs retained or created under such investments are provided to— (A) individuals with— (i) incomes that do not exceed the Federal poverty line; or (ii) incomes that do not exceed 80 percent of the median income of the area; (B) individuals who are unemployed or underemployed; (C) individuals who are participating or have participated in job training programs authorized under the Job Training Partnership Act (29 U.S.C. 1501 et seq.) or the Family Support Act of 1988 (Public Law 100-485); (D) individuals whose jobs may be retained as a result of the provision of financing available under this chapter; or (E) individuals who have historically been underrepresented in the local economy; and (5) a representative cross section of applicants are approved, including large and small community development corporations, urban and rural community development corporations and community development corporations representing diverse populations. (b) PRIORITY.—In determining which application to approve under this chapter the Secretary shall give priority to those applicants proposing to serve a target area—