§ 4705. — Community partnerships.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 12USC4705]
TITLE 12--BANKS AND BANKING
CHAPTER 47--COMMUNITY DEVELOPMENT BANKING
SUBCHAPTER I--COMMUNITY DEVELOPMENT BANKING AND FINANCIAL INSTITUTIONS
Sec. 4705. Community partnerships
(a) Application
An application for assistance may be filed jointly by a community
development financial institution and a community partner to carry out a
community partnership.
(b) Application requirements
The Fund shall require a community partnership application--
(1) to meet the minimum requirements established for community
development financial institutions under section 4704(b) of this
title, except that the criteria specified in paragraphs (1) and
(2)(A) of section 4704(b) of this title shall not apply to the
community partner;
(2) to describe how each coapplicant will participate in
carrying out the community partnership and how the partnership will
enhance activities serving the investment area or targeted
population; and
(3) to demonstrate that the community partnership activities are
consistent with the strategic plan submitted by the community
development financial institution coapplicant.
(c) Selection criteria
The Fund shall consider a community partnership application based
on--
(1) the community development financial institution
coapplicant--
(A) meeting the minimum selection criteria described in
section 4704 of this title; and
(B) satisfying the selection criteria of section 4706 of
this title;
(2) the extent to which the community partner coapplicant will
participate in carrying out the partnership;
(3) the extent to which the community partnership will enhance
the likelihood of success of the community development financial
institution coapplicant's strategic plan; and
(4) the extent to which service to the investment area or
targeted population will be better performed by a partnership as
opposed to the individual community development financial
institution coapplicant.
(d) Limitation on distribution of assistance
Assistance provided upon approval of an application under this
section shall be distributed only to the community development financial
institution coapplicant, and shall not be used to fund any activities
carried out directly by the community partner or an affiliate or
subsidiary thereof.
(e) Other requirements and limitations
All other requirements and limitations imposed by this subchapter on
a community development financial institution assisted under this
subchapter shall apply (in the manner that the Fund determines to be
appropriate) to assistance provided to carry out community partnerships.
The Fund may establish additional guidelines and restrictions on the use
of Federal funds to carry out community partnerships.
(Pub. L. 103-325, title I, Sec. 106, Sept. 23, 1994, 108 Stat. 2171.)
Section Referred to in Other Sections
This section is referred to in section 4704 of this title.
