12 2 STA T . 2 7 2 4PUBLIC LA W 11 0– 2 89—J UL Y3 0 , 2008 ‘ ‘ (2)ano n pr o fit or g ani z ation h a v ing a s1 of its prin c ipa l p u rpos e s the d evelop m ent or management of afforda b le housing . ‘‘(f) ELIG I B L EUS ES. —G rant amounts a w arded from the C apital M agnet F und pursuant to this section ma y be used for the purposes described in paragraphs (1) and (2) of subsection (c) , including for the following uses
‘‘(1) T o provide loan loss reserves. ‘‘(2) To capitalize a revolving loan fund. ‘‘( 3 ) To capitalize an affordable housing fund. ‘‘( 4 ) To capitalize a fund to support activities described in subsection (c)(2). ‘‘( 5 ) For ris k- sharing loans. ‘‘(g) AP PLI CAT I ON S.— ‘‘(1) I N GENE R AL.—The S ecretary of the Treasury shall pro- vide, in a competitive application process established by regula- tion, for eligible grantees under subsection (e) to submit applica- tions for Capital Magnet Fund grants to the Secretary at such time and in such manner as the Secretary shall determine. ‘‘(2) CONTENT O F APPLICATION.—The application re q uired under paragraph (1) shall include a detailed description of— ‘‘(A) the types of affordable housing, economic, and community revitalization pro j ects that support or sustain residents of an affordable housing project funded by a grant under this section for which such grant amounts would be used, including the proposed use of eligible grants as authorized under this section
‘‘( B ) the types, sources, and amounts of other funding for such projects; and ‘‘(C) the e x pected time frame of any grant used for such project. ‘‘(h) GRANT L I M ITATION.— ‘‘(1) IN GENERAL.—Any 1 eligible grantee and its subsidi- aries and affiliates may not be awarded more than 15 percent of the aggregate funds available for grants during any year from the Capital Magnet Fund. ‘‘(2) GEOGRAP H IC D I V ERSIT Y .— ‘‘(A) GOAL.—The Secretary of the Treasury shall seek to fund activities in geographically diverse areas of eco- nomic distress, including metropolitan and underserved rural areas in every State. ‘‘(B) D IVERSITY DEFINED.—For purposes of this para- graph, geographic diversity includes those areas that meet objective criteria of economic distress developed by the Secretary of the Treasury, which may include— ‘‘(i) the percentage of low-income families or the extent of poverty; ‘‘(ii) the rate of unemployment or underemploy- ment; ‘‘(iii) extent of blight and disinvestment; ‘‘(iv) projects that target extremely low-, very low- , and low-income families in or outside a designated economic distress area; or ‘‘(v) any other criteria designated by the Secretary of the Treasury. ‘‘(3) LEVERAGE OF F U NDS.—Each grant from the Capital Magnet Fund awarded under this section shall be reasonably Regulations.
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