§ 2009n - Rural Community Development Initiative

CHAPTER 50— AGRICULTURAL CREDIT › SUBCHAPTER V— RURAL COMMUNITY ADVANCEMENT PROGRAM

(a) In this section:

(a)(1) The term “eligible entity” means—

(a)(1)(A) a private, nonprofit community-based housing or community development organization;

(a)(1)(B) a rural community; or

(a)(1)(C) a federally recognized Indian tribe.

(a)(2) The term “eligible intermediary” means a qualified—

(a)(2)(A) private, nonprofit organization; or

(a)(2)(B) public organization.

(b) The Secretary shall establish a Rural Community Development Initiative, under which the Secretary shall provide grants, subject to the availability of appropriations, to eligible intermediaries to carry out programs to provide financial and technical assistance to eligible entities to develop the capacity and ability of eligible entities to carry out projects to improve housing, community facilities, and community and economic development projects in rural areas.

(d)(1) An eligible intermediary receiving a grant under this section shall provide matching funds from other sources, including Federal funds for related activities, in an amount not less than the amount of the grant.

(d)(2) The Secretary may waive paragraph (1) with respect to a project that would be carried out in a persistently poor rural region, as determined by the Secretary.

Notes

Editorial Notes

Prior Provisions

A prior section 2009n, Pub. L. 87–128, title III, § 381O, as added Pub. L. 104–127, title VII, § 761, Apr. 4, 1996, 110 Stat. 1147, related to rural venture capital demonstration program, prior to repeal by Pub. L. 107–171, title VI, § 6026(b), May 13, 2002, 116 Stat. 372.