Community Development Revolving Loan Fund for Credit Unions,

[Federal Register: January 24, 2008 (Volume 73, Number 16)]


[Page 4286-4287]

From the Federal Register Online via GPO Access []



Community Development Revolving Loan Fund for Credit Unions

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 September 2008, subject to availability of funds. The Fund's total appropriation is $13.4 million. As of December 31, 2007, the Fund's loan portfolio totaled to $13.3 \1\ million. Application procedures for the 2008 Fund Loan Program will be posted to the NCUA Web site.

\1\ Total outstanding loans at year-end 2007 amounted to $13.3 million. One loan commitment, in the amount of $150,000 has been approved and will be funded as monies become available.

DATES: Applications can be submitted starting on September 1, 2008, and

closing on November 30, 2008.

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.

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

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 to 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 Web site at 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

[[Page 4287]]

Regulations that states NCUA will provide notice in the Federal Register when funds in the program are available.

By the National Credit Union Administration Board on January 17, 2008. Mary F. Rupp, Secretary, NCUA Board. [FR Doc. E8-1147 Filed 1-23-08; 8:45 am]