§ 2009dd–6. Rural endowment loans program

(a) In general

The Secretary may provide long-term loans to eligible community foundations to assist in the implementation of regional investment strategies.

(b) Eligible community foundations To be eligible to receive a loan under this section, a community foundation shall—

(1) be located in an area that is covered by a regional investment strategy;

(2) match the amount of the loan with an amount that is at least 250 percent of the amount of the loan; and

(3) use the loan and the matching amount to carry out the regional investment strategy in a manner that is targeted to community and economic development, including through the development of community foundation endowments.

(c) Terms A loan made under this section shall—

(1) have a term of not less than 10, nor more than 20, years;

(2) bear an interest rate of 1 percent per annum; and

(3) be subject to such other terms and conditions as are determined appropriate by the Secretary.

(Pub. L. 87–128, title III, § 385G, as added Pub. L. 107–171, title VI, § 6030, May 13, 2002, 116 Stat. 408; amended Pub. L. 110–234, title VI, § 6028, May 22, 2008, 122 Stat. 1193; Pub. L. 110–246, § 4(a), title VI, § 6028, June 18, 2008, 122 Stat. 1664, 1955.)

Codification

Codification

Pub. L. 110–234 and Pub. L. 110–246 made identical amendments to this section. The amendments by Pub. L. 110–234 were repealed by section 4(a) of Pub. L. 110–246.

Amendments

Amendments

2008—Pub. L. 110–246, § 6028, amended section generally. Prior to amendment, section provided for competitive innovation grants to be made to Regional Boards.

Effective Date Of Amendment

Effective Date of 2008 Amendment

Amendment of this section and repeal of Pub. L. 110–234 by Pub. L. 110–246 effective May 22, 2008, the date of enactment of Pub. L. 110–234, see section 4 of Pub. L. 110–246, set out as an Effective Date note under section 8701 of this title.