and revitalization of low-income neighborhoods, the Sec-
retary of Housing and Urban Development shall provide,
to the extent amounts are provided in appropriation
Acts—
(1) assistance under section 1514 to community
development lenders and other eligible entities that
have submitted applications under section 1516 that
have been approved by the Secretary and have en-
tered into agreements with the Secretary under sec-
tion 1517; and
(2) technical assistance under section 1519 to
assist in organizing and operating community devel-
opment lenders.
(b) CONSULTATION.—The Secretary of Housing and
Urban Development shall consult with the Secretary of the
Treasury in developing, implementing, and carrying out
this chapter, and in providing assistance to community de-
velopment lenders under section 1514.
SEC. 1513. ELIGIBLE COMMUNITY DEVELOPMENT LEND-
ERS.
(a) IN GENERAL.—Applications for assistance under
section 1514 may be submitted only by the following enti-
ties:
(1) COMMUNITY
DEVELOPMENT
LENDERS.—
Any corporation, partnership, organization, agency,
person, or other entity (which may include for-profit
and nonprofit entities, community development cor-
porations, microenterprise organizations, community
organizations, and other entities and persons) that—
(A) is organized for the purposes described
in subsection (b); and
(B) is not a depository institution (as such
term is defined in section 3(c) of the Federal
Deposit Insurance Act) or a credit union, or an
affiliate or subsidiary of a depository institution
or credit union (including community develop-
ment credit unions, savings and loan associa-
tions, and other depository institutions).
(2) ELIGIBLE ENTITIES ESTABLISHING COMMU-
NITY
DEVELOPMENT
LENDERS.—Any corporation,
partnership, organization, agency, person, or other
entity that—
(A) is engaged in organizing or establish-
ing a community development financial institu-
tion; and
(B) is not a depository institution (as such
term is defined in section 3(c) of the Federal
Deposit Insurance Act) or a credit union, or an
affiliate or subsidiary of a depository institution
or credit union (including community develop-
ment credit unions, savings and loan associa-
tions, and other depository institutions).
(b) PURPOSE.—To be eligible to receive assistance
under section 1514, a community development lender ap-
plying for such assistance (or to be established by the eligi-
ble entity applying for such assistance) shall have among
its principal purposes making credit and credit-related
services available to low-income families and in low-income
neighborhoods and promoting the development and revital-
ization of low-income neighborhoods. The community de-
velopment lender shall carry out such purpose by making
loans to individuals, families, businesses, organizations,
and other entities and conducting such other activities and
services relating to making loans (such as loan counseling
and servicing) as the lender considers appropriate. Such
loans may include mortgage loans, loans for housing devel-
opment, rehabilitation, and weatherization, business devel-
opment and assistance loans, personal loans, operating
loans, construction loans, loans for community and
economic development activities, and other repayable
assistance.
(c) GOVERNANCE.—To be eligible to receive assist-
ance under section 1514, a community development lender
applying for such assistance (or to be established by the
eligible entity applying for such assistance) shall be gov-
erned by a board of directors that—
(1) is solely responsible for determining policy
for the community development lender with respect
to management and operations, lending activities,
loan standards and implementation, employment,
asset management, and any other issues; and
(2) includes among its members a significant
number of members who are individuals meeting the
requirements of any of subparagraphs (A) through
(D), who shall include—
(A) individuals who are members of low-in-
come families;
(B) individuals who are residents of the
low-income neighborhood served by the lender;
(C) individuals who are experienced in pro-
viding financial assistance or financial advice to
low-income individuals or residents, businesses,
or organizations in low-income neighborhoods;
and
(D) individuals who have significant expe-
rience in serving the low-income neighborhood
served by the lender, the community in which
such neighborhood is located, or any other low-
income neighborhood.