§4718 Authorization of Appropriations

Summary

Provides specific yearly funding for the Fund to run this program: $60,000,000 for fiscal year 1995, $104,000,000 for fiscal year 1996, $107,000,000 for fiscal year 1997, and $111,000,000 for fiscal year 1998. More money can be provided if needed. Up to $5,550,000 each year may be used for the Fund’s administrative costs, but money for the training and technical assistance programs is not counted as administrative. After that admin amount is taken out, up to 5% of the remaining yearly money may be used for capitalization assistance, and 33 1/3 percent of the remaining yearly money must be available for the program in section 4713. The Administrator should, whenever possible, use the funds to support community development financial institutions. Separate amounts are set for the Community Development Credit Union Revolving Loan Fund: $4,000,000 for 1995, and $2,000,000 each for 1996, 1997, and 1998. All these amounts count under federal discretionary spending limits in 2 U.S.C. 665 and reduce other discretionary program funds by the same amount.