PUBLIC LAW 102-550—OCT. 28, 1992 106 STAT. 386

(I) a depository institution holding company
as defined in section 3 of the Federal Deposit
Insurance Act (12 U.S.C. 1813); or

(II) a nonprofit organization—

(aa) that is organized under State law;
(bb) has no part of its net earnings inuring
to the benefit of any member, founder,
contributor, or other person;

(cc) complies with standards of financial
accountability acceptable to the Secretary; and
(dd) is affiliated with a nondepository
lending institution; or is affiliated with a regu-
lated financial institution but is not a subsidi-
ary thereof;

(ii) that has as its primary mission the revitaliza-
tion of a targeted geographic area;

(iii) that maintains, through significant represen-
tation on its governing board and otherwise, account-
ability to community residents;

(iv) that has principals active in the implementa-
tion of its programs who possess significant experience
in lending and the development of affordable hous-
ing, small business development, or community revital-
ization;

(v) that directly or through a subsidiary or affiliate
carries out development services; and

(vi) that will match any assistance received dollar-
for-dollar with non-Federal sources of funds;

(E) the term "equity investment" means a capital con-
tribution through the purchase of nonvoting common stock
or through equity grants or contributions to capital reserves
or surplus, subject to terms and conditions satisfactory
to the Secretary;

(F) the term "low-income person" means a person in
a family whose income does not exceed 80 percent of the
median income for the area, as determined by the Secretary
with adjustments for smaller and larger families;

(G) the term "regulated financial institution" means
an insured depository institution (as defined in section
3 of the Federal Deposit Insurance Act (12 U.S.C. 1813),
or an insured credit union as defined in section 101 of
the Federal Credit Union Act (12 U.S.C. 1752));

(H) the term "Secretary" means the Secretary of Hous-
ing and Urban Development;

(I) the term "targeted geographic area" means a geo-
graphically contiguous area of chronic economic distress,
as measured by unemployment, growth lag, poverty, lag
in growth of per capita income, extent of blight and dis-
investment, fiscal distress, or other indicators deemed
appropriate by the Secretary, that has been identified by
an eligible organization as the area to be served by it;
and

(J) an entity is an "affiliate" of another entity if the
first entity controls, is controlled by, or is under common
control with the other entity.

(4) SELECTION CRITERIA.—The Secretary shall select eligible
organizations from among applications submitted to participate