12 USC 4705 - Community partnerships

U.S Code last checked for updates: Apr 27, 2024

§ 4705.

Community partnerships

(a)

Application

(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

(e)

Other requirements and limitations

(Pub. L. 103–325, title I, § 106, Sept. 23, 1994, 108 Stat. 2171.)

cite as: 12 USC 4705