priate to provide for such officials to provide any as-
sistance that may be agreed to.
(3) OPERATIONS.—The Secretary may carry out
this Act—
(A) directly, through agreements with other
Federal entities under section 1535 of title 31,
United States Code, or otherwise, or
(B) indirectly, under contracts or agree-
ments, as the Secretary shall determine.
(e) FEES
AND
CHARGES
FOR
ADMINISTRATIVE
COSTS.—To the extent provided in appropriations Acts, the
Secretary is authorized to impose fees and charges for ap-
plication, review, licensing, and regulation, or other actions
under this Act, and to pay for the costs of such activities
from the fees and charges collected.
(f) GUARANTEE FEES.—The Secretary is authorized to
set and collect fees for loan guarantee commitments and
loan guarantees that the Secretary makes under this Act.
(g) FUNDING.—
(1) AUTHORIZATION
OF
APPROPRIATIONS
FOR
LOAN GUARANTEE COMMITMENTS.—For each of fiscal
years 2000, 2001, 2002, 2003, and 2004, there is au-
thorized to be appropriated up to $36,000,000 for the
cost (as such term is defined in section 502(5) of the
Federal Credit Reform Act of 1990) of annual loan
guarantee commitments under this Act. Amounts ap-
propriated under this paragraph shall remain avail-
able until expended.
(2) AGGREGATE LOAN GUARANTEE COMMITMENT
LIMITATION.—The Secretary may make commitments
to guarantee loans only to the extent that the total
loan principal, any part of which is guaranteed, will
not exceed $1,000,000,000, unless another such
amount is specified in appropriation Acts for any fis-
cal year.
(3) AUTHORIZATION
OF
APPROPRIATIONS
FOR
ADMINISTRATIVE EXPENSES.—For each of the fiscal
years 2000, 2001, 2002, 2003, and 2004, there is au-
thorized to be appropriated $1,000,000 for adminis-
trative expenses for carrying out this Act. The Sec-
retary may transfer amounts appropriated under this
paragraph to any appropriation account of HUD or
another agency, to carry out the program under this
Act. Any agency to which the Secretary may transfer
amounts under this Act is authorized to accept such
transferred amounts in any appropriation account of
such agency.
SEC. 5. SELECTION OF APICS.
(a) ELIGIBLE APPLICANTS.—An entity shall be eligible
to be selected for licensing under section 4 as an APIC only
if the entity submits an application in compliance with the
requirements established pursuant to subsection (b) and the
entity meets or complies with the following requirements:
(1) ORGANIZATION.—The entity shall be a pri-
vate, for-profit entity that qualifies as a community
development entity for the purposes of the New Mar-
kets Tax Credits, to the extent such credits are estab-
lished under Federal law.
(2) MINIMUM
PRIVATE
EQUITY
CAPITAL.—The
amount of private equity capital reasonably available
to the entity, as determined by the Secretary, at the
time that a license is approved may not be less than
$25,000,000.
(3) QUALIFIED MANAGEMENT.—The management
of the entity shall, in the determination of the Sec-
retary, meet such standards as the Secretary shall es-
tablish to ensure that the management of the APIC is
qualified, and has the financial expertise, knowledge,
experience, and capability necessary, to make invest-
ments for community and economic development in
low-income communities.
(4) CONFLICT OF INTEREST.—The entity shall
demonstrate that, in accordance with sound financial
management practices, the entity is structured to pre-
clude financial conflict of interest between the APIC
and a manager or investor.
(5) INVESTMENT
STRATEGY.—The entity shall
prepare and submit to the Secretary an investment
strategy that includes benchmarks for evaluation of
its progress, that includes an analysis of existing lo-
cally owned businesses in the communities in which
the investments under the strategy will be made, that
prioritizes such businesses for investment opportuni-
ties, and that fulfills the specific public purpose goals
of the entity.
(6) STATEMENT OF PUBLIC PURPOSE GOALS.—
The entity shall prepare and submit to the Secretary
a statement of the public purpose goals of the entity,
which shall—
(A) set forth goals that shall promote com-
munity and economic development, which shall
include—
(i) making investments in low-income
communities that further economic develop-
ment objectives by targeting such invest-
ments in businesses or trades that comply
with the requirements under subparagraphs
(A) through (C) of section 3(10) relating to
low-income communities in a manner that
benefits low-income persons;
(ii) creating jobs in low-income com-
munities for residents of such communities;
(iii) involving community-based orga-
nizations and residents in community de-
velopment activities;
(iv) such other goals as the Secretary
shall specify; and
(v) such elements as the entity may set
forth to achieve specific public purpose
goals;
(B) include such other elements as the Sec-
retary shall specify; and
(C) include proposed measurements and
strategies for meeting the goals.
(7) COMPLIANCE WITH LAWS.—The entity shall
agree to comply with applicable laws, including Fed-
eral executive orders, Office of Management and
Budget circulars, and requirements of the Department
of the Treasury, and such operating and regulatory
requirements as the Secretary may impose from time
to time.
(8) OTHER.—The entity shall satisfy any other
application requirements that the Secretary may im-
pose by regulation or Federal Register notice.
(b) COMPETITIONS.—The Secretary shall select eligible
entities under subsection (a) to be licensed under section
4 as APICs on the basis of competitions. The Secretary shall
announce each such competition by causing a notice to be
published in the Federal Register that invites applications
for licenses and sets forth the requirements for application
and such other terms of the competition not otherwise pro-
vided for, as determined by the Secretary.
(c) SELECTION.—In competitions under subsection (b),
the Secretary shall select eligible entities under subsection
(a) for licensing as APICs on the basis of—
(1) the extent to which the entity is expected to
achieve the goals of this Act by meeting or exceeding
criteria established under subsection (d); and
(2) to the extent practicable and subject to the
existence of approvable applications, ensuring geo-
graphical diversity among the applicants selected and
diversity of APICs investment strategies, so that
urban and rural communities are both served, in the
determination of the Secretary, by the program under
this Act.