73 Pa. Stat. § 400.2501

Current through Pa Acts 2024-53, 2024-56 through 2024-92

Section 400.2501 - Definitions

The following words and phrases when used in this chapter shall have the meanings given to them in this section unless the context clearly indicates otherwise:

"Authority." The Pennsylvania Economic Development Financing Authority.

"Board." The Board of Directors of the Pennsylvania Economic Development Financing Authority.

"Certification." Proof by any of the following:

(1) Receipts of paid taxes and municipal utility bills.

(2) Notarized affidavit by a recipient stating payments of real estate taxes and utility bills. "Community development financial institution." A community development financial institution certified in accordance with the Community Development Banking and Financial Institutions Act of 1994 ( Public Law 103-325, 108 Stat. 2163).

"Community development loan." A loan from a community development financial institution to low-income individuals, businesses and nonprofit organizations for the purpose of revitalizing distressed communities and buildings.

"Eligible institution." A community development financial institution which has been accredited by the Department of Community and Economic Development under section 2504.

"Participating investors." Public or private entities which elect to participate with the authority in the loan programs set forth in this chapter.

"Program." The Community Development Bank Grant and Loan Program established under this chapter. The program shall operate under the name of the Pennsylvania Community Development Bank.

"Recipient." A person that receives a grant or loan under the program.

73 P.S. § 400.2501

1996, June 29, P.L. 434, No. 67, § 2501, added 1998, Nov. 17, P.L. 788, No. 100, § 10, imd. effective.