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Notice

Community Development Revolving Loan Fund for Credit Unions

Document Details

Information about this document as published in the Federal Register.

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This document has been published in the Federal Register. Use the PDF linked in the document sidebar for the official electronic format.

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AGENCY:

National Credit Union Administration.

ACTION:

Notice of application period.

SUMMARY:

The National Credit Union Administration (NCUA) will accept applications for participation in the Community Development Revolving Loan Fund's [Fund] Loan Program in the last quarter of 2009, subject to availability of funds. The Fund's total appropriation is $13.4 million. Because the CDRLF will be fully loaned in early 2009, new loans will be awarded from loan repayments made throughout the year in 2009. Based on the CDRLF's aggregate loan amortization schedule, approximately $3.1 million will be repaid and available for loans in late 2009. Therefore, the loan application period will open in the last quarter of 2009. Application procedures for the 2009 Fund Loan Program will be posted to the NCUA Web site.

ADDRESSES:

Applications for participation may be obtained from and should be submitted to: NCUA, Office of Small Credit Union Initiatives, 1775 Duke Street, Alexandria, VA 22314-3428.

DATES:

Applications can be submitted starting on October 1, 2009, and closing on November 30, 2009.

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FOR FURTHER INFORMATION CONTACT:

Tawana James, Director, Office of Small Credit Union Initiatives at the above address or telephone (703) 518-6610.

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SUPPLEMENTARY INFORMATION:

Part 705 of the NCUA Rules and Regulations implements the Community Development Revolving Loan Fund (Fund) for Credit Unions. The purpose of the Fund is to assist officially designated “low-income” credit unions in providing basic financial services to residents in their communities that result in increased income, home ownership, and employment. The Fund makes available low interest loans in the aggregate amount of $300,000 to qualified participating “low-income” designated credit unions. Interest rates are currently set at one percent, subject Start Printed Page 77076to change depending on market interest rates.

Specific details regarding availability and requirements for technical assistance grants from the Fund will be published in a Letter to Credit Unions and on NCUA's website at http://www.ncua.gov/​. Fund participation is limited to existing credit unions with an official “low-income” designation.

This notice is published pursuant to Section 705.9 of the NCUA Rules and Regulations that states NCUA will provide notice in the Federal Register when funds in the program are available.

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By the National Credit Union Administration Board on December 11, 2008.

Mary F. Rupp,

Secretary, NCUA Board.

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[FR Doc. E8-30031 Filed 12-17-08; 8:45 am]

BILLING CODE 7535-01-P