§12184 — Title 34 Navy | U.S. Code

§12184 Availability of lines of credit and use

Title 34 › Subtitle Subtitle I— - Comprehensive Acts › Chapter CHAPTER 121— - VIOLENT CRIME CONTROL AND LAW ENFORCEMENT › Subchapter SUBCHAPTER II— - CRIME PREVENTION › Part Part E— - National Community Economic Partnership › Subpart subpart 1— - community economic partnership investment funds › § 12184

Last updated Apr 6, 2026|Official source

Summary

The Secretary must give a community development corporation an approved line of credit. The Secretary picks the amount but must follow these caps: no more than $2,000,000 to one applicant, and the credit stays available for at most 3 years from the date it is made available. If a recipient has used the line well, shows more need and demand, and meets the rules in section 12182(b)(2), the Secretary may add up to $1,500,000 more. Money taken from the line of credit can only be used for the program purposes in section 12181. It may be drawn down as needed to make loans, investments, or pay administration costs to set up a revolving loan fund. Those revolving funds can give technical help to private businesses and offer financial help (loans, guarantees, interest-reduction, equity, or similar aid) to businesses in target areas that meet section 12183(a)(4).

Title 34, §12184

Navy — Source: USLM XML via OLRC

(a)The Secretary shall provide a community development corporation that has an application approved under section 12183 of this title with a line of credit in an amount determined appropriate by the Secretary, subject to the limitations contained in subsection (b).

(b)(1)The Secretary shall not provide in excess of $2,000,000 in lines of credit under this subpart to a single applicant.

(2)A line of credit provided under this subpart shall remain available over a period of time established by the Secretary, but in no event shall any such period of time be in excess of 3 years from the date on which such line of credit is made available.

(3)Notwithstanding paragraphs (1) and (2), if a recipient of a line of credit under this subpart has made full and productive use of such line of credit, can demonstrate the need and demand for additional assistance, and can meet the requirements of section 12182(b)(2) of this title, the amount of such line of credit may be increased by not more than $1,500,000.

(c)Amounts drawn from each line of credit under this subpart shall be used solely for the purposes described in section 12181 of this title and shall only be drawn down as needed to provide loans, investments, or to defray administrative costs related to the establishment of a revolving loan fund.

(d)Revolving loan funds established with lines of credit provided under this subpart may be used to provide technical assistance to private business enterprises and to provide financial assistance in the form of loans, loan guarantees, interest reduction assistance, equity shares, and other such forms of assistance to business enterprises in target areas and who are in compliance with section 12183(a)(4) of this title.

Editorial Notes

Codification Section was formerly classified to section 13824 of Title 42, The Public Health and Welfare, prior to editorial reclassification and renumbering as this section.

§12184 Availability of lines of credit and use

Summary

Title 34, §12184

Notes & Related Subsidiaries

Editorial Notes

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