Page:United States Statutes at Large Volume 108 Part 3.djvu/414

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108 STAT. 2166 PUBLIC LAW 103-325—SEPT. 23, 1994 (B) encompasses or is located in an empowerment zone or enterprise community designated under section 1391 of the Internal Revenue Code of 1986. (17) LOW-INCOME.—The term "low-income" means having an income, adjusted for family size, of not more than— (A) for metropolitan areas, 80 percent of the area median income; and (B) for nonmetropolitan areas, the greater of— (i) 80 percent of the area median income; or (ii) 80 percent of the statewide nonmetropolitan area median income. (18) STATE.— The term "State" has the same meaning as in section 3 of the Federal Deposit Insurance Act. (19) SUBSIDIARY.—The term "subsidiary" has the same meaning as in section 3 of the Federal Deposit Insurance Act, except that a community development financial institution that is a corporation shall not be considered to be a subsidiary of any insured depository institution or depository institution holding company that controls less than 25 percent of any class of the voting shares of such corporation, and does not otherwise control in any manner the election of a majority of the directors of the corporation. (20) TARGETED POPULATION.—The term "targeted population" means individuals, or an identifiable group of individuals, including an Indian tribe, who— (A) are low-income persons; or (B) otherwise lack adequate access to loans or equity investments. (21) TRAINING PROGRAM. —The term "training program" means the training program operated by the Fund under section 109. 12 USC 4703. SEC. 104. ESTABLISHMENT OF NATIONAL FUND FOR COMMUNITY DEVELOPMENT BANKING. (a) ESTABLISHMENT.— (1) IN GENERAL. —There is established a corporation to be known as the Community Development Financial Institutions Fund that shall have the duties and responsibilities specified by this subtitle and subtitle B of title II. The Fund shall District of have succession until dissolved. The offices of the Fund shall Columbia. ije in Washington, D.C. The Fund shall not be affiliated with or be within any other agency or department of the Federal Government. (2) WHOLLY OWNED GOVERNMENT CORPORATION. — The Fund shall be a wholly owned Government corporation in the executive branch and shall be treated in all respects as an agency of the United States, except as otherwise provided in this subtitle. (b) MANAGEMENT OF FUND.— (1) APPOINTMENT OF ADMINISTRATOR. —The management of the Fund shall be vested in an Administrator, who shall be appointed by the President, by and with the advice and consent of the Senate. The Administrator shall not engage in any other business or employment during service as the Administrator. (2) CHIEF FINANCIAL OFFICER.— The Administrator shall appoint a chief financial officer, who shall have the authority and functions of an agency Chief Financial Officer under section