Us Code § 4705 - Community partnerships
Full text of Us Code United States Code § 4705 — Community partnerships, with citation guidance and answers to common questions.
§ 4705. Community partnerships
(a) Application
An application for assistance may be filed jointly by a community development financial institution and a community partner to carry out a community partnership.
(b) Application requirements
The Fund shall require a community partnership application—
(1) to meet the minimum requirements established for community development financial institutions under section 4704(b) of this title, except that the criteria specified in paragraphs (1) and (2)(A) of section 4704(b) of this title shall not apply to the community partner;
(2) to describe how each coapplicant will participate in carrying out the community partnership and how the partnership will enhance activities serving the investment area or targeted population; and
(3) to demonstrate that the community partnership activities are consistent with the strategic plan submitted by the community development financial institution coapplicant.
(c) Selection criteria
The Fund shall consider a community partnership application based on—
(1) the community development financial institution coapplicant—
(A) meeting the minimum selection criteria described in section 4704 of this title; and
(B) satisfying the selection criteria of section 4706 of this title;
(2) the extent to which the community partner coapplicant will participate in carrying out the partnership;
(3) the extent to which the community partnership will enhance the likelihood of success of the community development financial institution coapplicant's strategic plan; and
(4) the extent to which service to the investment area or targeted population will be better performed by a partnership as opposed to the individual community development financial institution coapplicant.
(d) Limitation on distribution of assistance
Assistance provided upon approval of an application under this section shall be distributed only to the community development financial institution coapplicant, and shall not be used to fund any activities carried out directly by the community partner or an affiliate or subsidiary thereof.
(e) Other requirements and limitations
All other requirements and limitations imposed by this subchapter on a community development financial institution assisted under this subchapter shall apply (in the manner that the Fund determines to be appropriate) to assistance provided to carry out community partnerships. The Fund may establish additional guidelines and restrictions on the use of Federal funds to carry out community partnerships.
(Pub. L. 103–325, title I, §106, Sept. 23, 1994, 108 Stat. 2171.)
About This Section
12 U.S.C. § 4705 is part of Title 12 of the United States Code. The United States Code is the official codification of federal statutes maintained by the Office of the Law Revision Counsel of the U.S. House of Representatives. Congress amends the Code through new public laws, which are eventually incorporated into the relevant title.
This section may be cited in legal writing as 12 U.S.C. § 4705. For the most current official text, including any recent amendments, use the official source links below. Do not rely on this page as the sole authority for legal citation or litigation.
How to Read This Statute
Statutes are organized by title, chapter, section, and subsection. Pay attention to words like "shall," "may," "and," and "or," because they determine whether a requirement is mandatory or permissive and whether multiple conditions must all be met. Historical notes and amendments often appear at the end of a section.
Using This Page
This page is intended for research and educational use. Lawyers, students, journalists, and compliance professionals can use it as a starting point, but should always verify the current text through an official government source before relying on it for legal advice, filings, or compliance decisions.