U.S. CODE

U.S. Code

§ 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.

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.

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