{"identifier":"/us/usc/t12/s4706","title":12,"num":"\u00a7\u202f4706.","heading":"Selection of institutions","text":"\u00a7\u202f4706.\nSelection of institutions\n(a)\nSelection criteria\nExcept as provided in\n(1) the likelihood of success of the applicant in meeting the goals of its comprehensive strategic plan;\n(2) the experience and background of the management team;\n(3) the extent of need for equity investments, loans, and development services within the investment areas or targeted populations;\n(4) the extent of economic distress within the investment areas or the extent of need within the targeted populations, as those factors are measured by objective criteria;\n(5) the extent to which the applicant will concentrate its activities on serving its investment areas or targeted populations;\n(6) the amount of firm commitments to meet or exceed the matching requirements and the likely success of the plan for raising the balance of the match;\n(7) the extent to which the matching funds are derived from private sources;\n(8) the extent to which the proposed activities will expand economic opportunities within the investment areas or the targeted populations;\n(9) whether the applicant is, or will become, an insured community development financial institution;\n(10) the extent of support from the investment areas or targeted populations;\n(11) the extent to which the applicant is, or will be, community-owned or community-governed;\n(12) the extent to which the applicant will increase its resources through coordination with other institutions or participation in a secondary market;\n(13) in the case of an applicant with a prior history of serving investment areas or targeted populations, the extent of success in serving them; and\n(14) other factors deemed to be appropriate by the Fund.\n(b)\nGeographic diversity\nIn selecting applicants for assistance, the Fund shall seek to fund a geographically diverse group of applicants, which shall include applicants from metropolitan, nonmetropolitan, and rural areas.","url":"https://projectusc.org/usc/t12/s4706.html","content":[{"t":"sec","id":"/us/usc/t12/s4706","children":[{"t":"num","text":"\u00a7\u202f4706."},{"t":"heading","text":"Selection of institutions"},{"t":"subsec","id":"/us/usc/t12/s4706/a","children":[{"t":"num","text":"(a)"},{"t":"heading","text":"Selection criteria"},{"t":"chapeau","text":"Except as provided in ","children":[{"t":"ref","text":"section 4712 of this title","href":"/us/usc/t12/s4712","tail":", the Fund shall, in its sole discretion, select community development financial institution applicants meeting the requirements of "},{"t":"ref","text":"section 4704 of this title","href":"/us/usc/t12/s4704","tail":" for assistance based on\u2014"}]},{"t":"para","id":"/us/usc/t12/s4706/a/1","children":[{"t":"num","text":"(1)"},{"t":"content","text":" the likelihood of success of the applicant in meeting the goals of its comprehensive strategic plan;","tail":"\n"}],"tail":"\n"},{"t":"para","id":"/us/usc/t12/s4706/a/2","children":[{"t":"num","text":"(2)"},{"t":"content","text":" the experience and background of the management team;","tail":"\n"}],"tail":"\n"},{"t":"para","id":"/us/usc/t12/s4706/a/3","children":[{"t":"num","text":"(3)"},{"t":"content","text":" the extent of need for equity investments, loans, and development services within the investment areas or targeted populations;","tail":"\n"}],"tail":"\n"},{"t":"para","id":"/us/usc/t12/s4706/a/4","children":[{"t":"num","text":"(4)"},{"t":"content","text":" the extent of economic distress within the investment areas or the extent of need within the targeted populations, as those factors are measured by objective criteria;","tail":"\n"}],"tail":"\n"},{"t":"para","id":"/us/usc/t12/s4706/a/5","children":[{"t":"num","text":"(5)"},{"t":"content","text":" the extent to which the applicant will concentrate its activities on serving its investment areas or targeted populations;","tail":"\n"}],"tail":"\n"},{"t":"para","id":"/us/usc/t12/s4706/a/6","children":[{"t":"num","text":"(6)"},{"t":"content","text":" the amount of firm commitments to meet or exceed the matching requirements and the likely success of the plan for raising the balance of the match;","tail":"\n"}],"tail":"\n"},{"t":"para","id":"/us/usc/t12/s4706/a/7","children":[{"t":"num","text":"(7)"},{"t":"content","text":" the extent to which the matching funds are derived from private sources;","tail":"\n"}],"tail":"\n"},{"t":"para","id":"/us/usc/t12/s4706/a/8","children":[{"t":"num","text":"(8)"},{"t":"content","text":" the extent to which the proposed activities will expand economic opportunities within the investment areas or the targeted populations;","tail":"\n"}],"tail":"\n"},{"t":"para","id":"/us/usc/t12/s4706/a/9","children":[{"t":"num","text":"(9)"},{"t":"content","text":" whether the applicant is, or will become, an insured community development financial institution;","tail":"\n"}],"tail":"\n"},{"t":"para","id":"/us/usc/t12/s4706/a/10","children":[{"t":"num","text":"(10)"},{"t":"content","text":" the extent of support from the investment areas or targeted populations;","tail":"\n"}],"tail":"\n"},{"t":"para","id":"/us/usc/t12/s4706/a/11","children":[{"t":"num","text":"(11)"},{"t":"content","text":" the extent to which the applicant is, or will be, community-owned or community-governed;","tail":"\n"}],"tail":"\n"},{"t":"para","id":"/us/usc/t12/s4706/a/12","children":[{"t":"num","text":"(12)"},{"t":"content","text":" the extent to which the applicant will increase its resources through coordination with other institutions or participation in a secondary market;","tail":"\n"}],"tail":"\n"},{"t":"para","id":"/us/usc/t12/s4706/a/13","children":[{"t":"num","text":"(13)"},{"t":"content","text":" in the case of an applicant with a prior history of serving investment areas or targeted populations, the extent of success in serving them; and","tail":"\n"}],"tail":"\n"},{"t":"para","id":"/us/usc/t12/s4706/a/14","children":[{"t":"num","text":"(14)"},{"t":"content","text":" other factors deemed to be appropriate by the Fund.","tail":"\n"}],"tail":"\n"}],"tail":"\n"},{"t":"subsec","id":"/us/usc/t12/s4706/b","children":[{"t":"num","text":"(b)"},{"t":"heading","text":"Geographic diversity"},{"t":"content","children":[{"t":"p","text":"In selecting applicants for assistance, the Fund shall seek to fund a geographically diverse group of applicants, which shall include applicants from metropolitan, nonmetropolitan, and rural areas.","tail":"\n"}],"tail":"\n"}],"tail":"\n"},{"t":"text","text":"\n"}]}]}