§ 2009dd-6. Rural endowment loans program
(a)
In general
The Secretary may provide long-term loans to eligible community foundations to assist in the implementation of regional investment strategies.
(b)
Eligible community foundations
To be eligible to receive a loan under this section, a community foundation shall—
(1)
be located in an area that is covered by a regional investment strategy;
(2)
match the amount of the loan with an amount that is at least 250 percent of the amount of the loan; and
(3)
use the loan and the matching amount to carry out the regional investment strategy in a manner that is targeted to community and economic development, including through the development of community foundation endowments.
(c)
Terms
A loan made under this section shall—
(1)
have a term of not less than 10, nor more than 20, years;
(2)
bear an interest rate of 1 percent per annum; and
(3)
be subject to such other terms and conditions as are determined appropriate by the Secretary.