00-32475. 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 Program for Credit Unions throughout calendar year 2001, subject to availability of funds. Application procedures for qualified low-income credit unions are set forth in Part 705, NCUA Rules and Regulations.

ADDRESSES:

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

DATES:

Applications may be submitted throughout calendar year 2001.

FOR FURTHER INFORMATION CONTACT:

The Office of Community Development Credit Unions 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 and deposits 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 Part 705.9 of the NCUA Rules and Regulations which states that NCUA will provide notice in the Federal Register when funds in the program are available.

By the National Credit Union Administration Board on December 14, 2000.

Sheila Albin,

Acting Secretary, NCUA Board.