§ 4704. — Applications for assistance.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 12USC4704]
TITLE 12--BANKS AND BANKING
CHAPTER 47--COMMUNITY DEVELOPMENT BANKING
SUBCHAPTER I--COMMUNITY DEVELOPMENT BANKING AND FINANCIAL INSTITUTIONS
Sec. 4704. Applications for assistance
(a) Form and procedures
An application for assistance under this subchapter shall be
submitted in such form and in accordance with such procedures as the
Fund shall establish.
(b) Minimum requirements
Except as provided in sections 4705 and 4712 of this title, the Fund
shall require an application--
(1) to establish that the applicant is, or will be, a community
development financial institution;
(2) to include a comprehensive strategic plan for the
organization that contains--
(A) a business plan of not less than 5 years in duration
that demonstrates that the applicant will be properly managed
and will have the capacity to operate as a community development
financial institution that will not be dependent upon assistance
from the Fund for continued viability;
(B) an analysis of the needs of the investment area or
targeted population and a strategy for how the applicant will
attempt to meet those needs;
(C) a plan to coordinate use of assistance from the Fund
with existing Federal, State, local, and tribal government
assistance programs, and private sector financial services;
(D) an explanation of how the proposed activities of the
applicant are consistent with existing economic, community, and
housing development plans adopted by or applicable to an
investment area or targeted population; and
(E) a description of how the applicant will coordinate with
community organizations and financial institutions which will
provide equity investments, loans, secondary markets, or other
services to investment areas or targeted populations;
(3) to include a detailed description of the applicant's plans
and likely sources of funds to match the amount of assistance
requested from the Fund;
(4) in the case of an applicant that has previously received
assistance under this subchapter, to demonstrate that the
applicant--
(A) has substantially met its performance goals and
otherwise carried out its responsibilities under this subchapter
and the assistance agreement; and
(B) will expand its operations into a new investment area or
serve a new targeted population, offer more products or
services, or increase the volume of its business;
(5) in the case of an applicant with a prior history of serving
investment areas or targeted populations, to demonstrate that the
applicant--
(A) has a record of success in serving investment areas or
targeted populations; and
(B) will expand its operations into a new investment area or
to serve a new targeted population, offer more products or
services, or increase the volume of its current business; and
(6) to include such other information as the Fund deems
appropriate.
(c) Preapplication outreach program
The Fund shall provide an outreach program to identify and provide
information to potential applicants and may provide technical assistance
to potential applicants, but shall not assist in the preparation of any
application.
(Pub. L. 103-325, title I, Sec. 105, Sept. 23, 1994, 108 Stat. 2170.)
Section Referred to in Other Sections
This section is referred to in sections 1834a, 4705, 4706, 4707,
4712 of this title.
