§4718 Authorization of appropriations

Summary

Provides specific yearly funding for the Fund and for a revolving loan fund for fiscal years 1995–1998. It authorizes $60,000,000 for 1995, $104,000,000 for 1996, $107,000,000 for 1997, and $111,000,000 for 1998 to the Fund. Up to $5,550,000 of each year’s Fund money may be used for the Fund’s administrative costs, and training and technical-assistance costs are not counted as administrative. After taking out that administrative cap, no more than 5% may be used as described in section 4712, and 33 1/3% must be available for use under section 4713. The Administrator should, when possible, direct funds to support community development financial institutions. Separately, it authorizes $4,000,000 for 1995 and $2,000,000 each for 1996, 1997, and 1998 for the Community Development Credit Union Revolving Loan Fund. All amounts are subject to discretionary spending caps under title 2, section 665 and reduce other discretionary spending by the same amounts.