promote cooperative development, that are se-
lected for such grants under paragraph (3)(B); 
(B) partnering with one or more financial 
institutions to— 
(i) establish a revolving loan program 
that will provide loans to cooperative orga-
nizations to undertake cooperative develop-
ment; and 
(ii) develop other loan programs and 
financial products that can be accessed by 
cooperative organizations; and 
(C) carrying out any other activities that 
the Secretary deems necessary to the further-
ance of the purposes of this Act. 
(2) ALLOCATION OF AMOUNTS.—The Secretary 
shall allocate not less than 50 percent of the 
amounts made available for the program for grants 
under paragraph (1)(A) to local cooperative develop-
ment centers. 
(3) GRANTS TO LOCAL COOPERATIVE DEVELOP-
MENT CENTERS.— 
(A) GRANTS.—The Secretary may make 
grants, pursuant to paragraph (1)(A)(i), to 
local development centers selected under this 
paragraph, and shall enter into grant agree-
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ments with such centers selected and provide 
grants in accordance with such agreements. 
Each grant agreement for a local development 
center shall provide for a grant for at least one 
fiscal year and may provide for grants for a pe-
riod not to exceed 3 fiscal years. 
(B) SELECTION.—The Secretary shall se-
lect, through a competitive process, local coop-
erative development centers to receive grants 
pursuant to paragraph (1)(A)(i). 
(C) CRITERIA FOR SELECTION.—In select-
ing local cooperative development centers to re-
ceive such grants, the Secretary shall take into 
consideration the following: 
(i) The technical capacity of the cen-
ter to carry out eligible projects. 
(ii) The ability of the center to deliver 
technical assistance. 
(iii) The capacity and commitment of 
the center to offering cooperative develop-
ment. 
(iv) Whether the center can provide 
matching funding of at least 15 percent of 
grant amounts provided under the program 
to the center. 
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(v) The record of the center in devel-
oping successful cooperative organizations. 
(vi) The ability of the center to have 
a positive economic impact on an area 
through job creation or retention, afford-
able housing creation, or wealth creation. 
(vii) Such other considerations as the 
Secretary may consider appropriate. 
(4) FAILURE
TO
MEET
PERFORMANCE
TAR-
GETS.—If the Secretary determines that an entity 
awarded funds under the program has not met the 
performance targets established pursuant to sub-
section (e), is not making reasonable progress to-
ward meeting such measures, or is otherwise in vio-
lation of a grant agreement entered into pursuant to 
paragraph (3)(C) of this subsection, the Secretary 
may— 
(A) withhold financial assistance under 
this Act until the performance measures are 
met; or 
(B) in the case of a grant made pursuant 
to paragraph (1)(A), terminate the grant agree-
ment. 
(c) OTHER ACTIVITIES.—Under the program, the 
Secretary shall— 
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(1) develop and provide technical assistance, 
educational, and other materials to assist local coop-
erative development centers that are receiving funds 
under the program to develop cooperative organiza-
tions; 
(2) monitor and evaluate the performance of 
such local centers; 
(3) provide guidance, information on best prac-
tices, and technical assistance to communities seek-
ing to establish cooperative organizations; 
(4) establish the eligibility criteria for projects 
to be carried out using assistance provided under 
this Act; and 
(5) develop program and reporting guidelines. 
(d) PERFORMANCE TARGETS.—The Secretary shall 
establish performance targets for the program, which shall 
include, at a minimum, a requirement that a significant 
percentage of projects funded under the program shall in-
volve cooperative organizations that are women- or minor-
ity-owned. 
SEC. 5. REPORTS. 
(a) BY LOCAL COOPERATIVE DEVELOPMENT CEN-
TERS AND FINANCIAL INSTITUTIONS.—For each grant 
that a local cooperative development center or financial in-
stitution receives pursuant to section 4(b)(1)(A), the local 
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center or institution shall submit to the Secretary, not 
later than the expiration of the 12-month period after ini-
tial receipt of such grant amounts, a report that in-
cludes— 
(1) identification of the total amount of such 
grant amounts that have been expended; 
(2) a description of the activities undertaken by 
such local center or institution with such grant 
amounts; and 
(3) other information as the Secretary may re-
quire. 
(b) BY THE SECRETARY.—Not later than 3 years 
after the date of the enactment of this Act, and annually 
thereafter for each year assistance is provided under this 
Act, the Secretary shall submit to the Congress a report 
that includes— 
(1) identification of the number of cooperative 
organizations created using amounts made available 
under this Act; 
(2) best practices from the local cooperative de-
velopment centers that are awarded grants under 
this Act and the economic benefits to the local com-
munities that such centers serve resulting from such 
use of funds; 
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(3) an evaluation of compliance with the per-
formance targets established pursuant to section 
4(d); 
(4) case studies featuring select cooperative de-
velopment organizations that benefitted from the 
program; and 
(5) any additional information, including statis-
tics, that would help promote future cooperative de-
velopment. 
SEC. 6. REGULATIONS. 
Not later than 180 days after the date of the enact-
ment of this Act, the Secretary shall issue regulations nec-
essary to carry out this Act. 
SEC. 7. AUTHORIZATION OF APPROPRIATIONS. 
There are authorized to be appropriated to the Sec-
retary to carry out the National Cooperative Development 
Program, to remain available until expended, $25,000,000 
for each of fiscal years 2013 through 2017. 
Æ 
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