The Secretary may provide long-term loans to eligible community foundations to assist in the implementation of regional investment strategies.
To be eligible to receive a loan under this section, a community foundation shall—
(1) be located in an area that is covered by a regional investment strategy;
(2) match the amount of the loan with an amount that is at least 250 percent of the amount of the loan; and
(3) use the loan and the matching amount to carry out the regional investment strategy in a manner that is targeted to community and economic development, including through the development of community foundation endowments.
A loan made under this section shall—
(1) have a term of not less than 10, nor more than 20, years;
(2) bear an interest rate of 1 percent per annum; and
(3) be subject to such other terms and conditions as are determined appropriate by the Secretary.
(Pub. L. 87–128, title III, §385G, as added Pub. L. 107–171, title VI, §6030, May 13, 2002, 116 Stat. 408; amended Pub. L. 110–234, title VI, §6028, May 22, 2008, 122 Stat. 1193; Pub. L. 110–246, §4(a), title VI, §6028, June 18, 2008, 122 Stat. 1664, 1955.)
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Last modified: October 26, 2015