Section 6. Eligibility requirements.
To receive funding under this act, an applicant must:
(1) Be a Neighborhood Housing Services Program operating
within this State and be certified by the Neighborhood
Reinvestment Corporation that the applicant is registered and
in good standing with it.
(2) Be governed by a board of directors or trustees
which is composed of neighborhood residents, representatives
of financial institutions and businesses and representatives
of local political subdivisions.
(3) Be certified by the Internal Revenue Service of the
United States Department of the Treasury as a charitable
organization exempt from Federal income tax.
(4) Submit to the department a description of the
geographic boundaries served by the applicant and a plan
which outlines the strategy that the applicant will employ or
is employing to utilize both private and public resources to
bring neighborhood dwellings to acceptable levels of health
and safety, stem further deterioration of housing units, halt
the overall decline of the neighborhood and stimulate
reinvestment.
(5) Certify the amount of contributions from private
sources raised during the preceding fiscal year. Where the
applicant is in its first year of existence, the applicant
must certify the amount of contribution pledges from private
sources for that year.
(6) Maintain or plan to maintain and administer a high
risk revolving loan fund which makes loans at flexible
interest rates and repayment terms to neighborhood residents
who are unable to obtain financing through normal lending
channels for home repairs which are required to maintain
their homes at acceptable levels of health and safety.