Limitations on use of funds

34 U.S.C. § 12185

• Title: 34 — Crime Control and Law Enforcement
• Chapter: SUBCHAPTER II—CRIME PREVENTION
• Part: subpart 1—community economic partnership investment funds

Text

(a) Matching requirement
Not to exceed 50 percent of the total amount to be invested by an entity under this subpart may be derived from funds made available from a line of credit under this subpart.
(b) Technical assistance and administration
Not to exceed 10 percent of the amounts available from a line of credit under this subpart shall be used for the provision of training or technical assistance and for the planning, development, and management of economic development projects. Community development corporations shall be encouraged by the Secretary to seek technical assistance from other community development corporations, with expertise in the planning, development and management of economic development projects. The Secretary shall assist in the identification and facilitation of such technical assistance.
(c) Local and private sector contributions
To receive funds available under a line of credit provided under this subpart, an entity, using procedures established by the Secretary, shall demonstrate to the community development corporation that such entity agrees to provide local and private sector contributions in accordance with section 12182(b)(2)(D) of this title, will participate with such community development corporation in a loan, guarantee or investment program for a designated business enterprise, and that the total financial commitment to be provided by such entity is at least equal to the amount to be drawn from the line of credit.
(d) Use of proceeds from investments
Proceeds derived from investments made using funds made available under this subpart may be used only for the purposes described in section 12181 of this title and shall be reinvested in the community in which they were generated.

History

(Pub. L. 103–322, title III, §31115, Sept. 13, 1994, 108 Stat. 1884.)

Editorial Notes

Editorial Notes

Codification
Section was formerly classified to section 13825 of Title 42, The Public Health and Welfare, prior to editorial reclassification and renumbering as this section.