[Federal Register Volume 73, Number 16 (Thursday, January 24, 2008)]
[Notices]
[Pages 4286-4287]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: E8-1147]


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NATIONAL CREDIT UNION ADMINISTRATION


Community Development Revolving Loan Fund for Credit Unions

AGENCY: National Credit Union Administration.

ACTION: Notice of application period.

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SUMMARY: The National Credit Union Administration (NCUA) will accept 
applications for participation in the Community Development Revolving 
Loan Fund's [Fund] Loan Program in September 2008, subject to 
availability of funds. The Fund's total appropriation is $13.4 million. 
As of December 31, 2007, the Fund's loan portfolio totaled to $13.3 \1\ 
million. Application procedures for the 2008 Fund Loan Program will be 
posted to the NCUA Web site.
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    \1\ Total outstanding loans at year-end 2007 amounted to $13.3 
million. One loan commitment, in the amount of $150,000 has been 
approved and will be funded as monies become available.

DATES: Applications can be submitted starting on September 1, 2008, and 
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closing on November 30, 2008.

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

FOR FURTHER INFORMATION CONTACT: Tawana James, Director, Office of 
Small Credit Union Initiatives at the above address or telephone (703) 
518-6610.

SUPPLEMENTARY INFORMATION: Part 705 of the NCUA Rules and Regulations 
implements the Community Development Revolving Loan Fund (Fund) for 
Credit Unions. The purpose of the Fund is to assist officially 
designated ``low-income'' credit unions in providing basic financial 
services to residents in their communities that result in increased 
income, home ownership, and employment. The Fund makes available low 
interest loans in the aggregate amount of $300,000 to qualified 
participating ``low-income'' designated credit unions. Interest rates 
are currently set at one percent, subject to change depending on market 
interest rates.
    Specific details regarding availability and requirements for 
technical assistance grants from the Fund will be published in a Letter 
to Credit Unions and on NCUA's Web site at http://www.ncua.gov/. Fund 
participation is limited to existing credit unions with an official 
``low-income'' designation.
    This notice is published pursuant to Section 705.9 of the NCUA 
Rules and

[[Page 4287]]

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 January 17, 
2008.
Mary F. Rupp,
Secretary, NCUA Board.
 [FR Doc. E8-1147 Filed 1-23-08; 8:45 am]
BILLING CODE 7535-01-P