01-31289. Community Development Revolving Loan Program 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 Loan Program throughout calendar year 2002, subject to availability of funds. Application procedures for qualified low-income credit unions are in NCUA Rules and Regulations.

ADDRESSES:

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

DATES:

Applications may be submitted throughout calendar year 2002.

FOR FURTHER INFORMATION CONTACT:

The Office of Credit Union Development at the above address or telephone [phone].

SUPPLEMENTARY INFORMATION:

Part 705 of the NCUA rules and regulations implements the Community Development Revolving Loan Program for Credit Unions. The purpose of the Program is to assist officially designated “low-income” credit unions in providing basic financial services to residents in their communities that result in increased income, ownership and employment. The Program makes available low interest loans in amounts up to $300,000 in the aggregate to qualified participating “low-income” credit unions. Program participation is limited to existing credit unions with an official “low-income” designation. Student credit unions are not eligible to participate in this program.

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.

By the National Credit Union Administration Board on December 13, 2001.

Becky Baker,

Secretary of the Board.