[Federal Register Volume 73, Number 244 (Thursday, December 18, 2008)]
[Notices]
[Pages 77075-77076]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: E8-30031]


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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 the last quarter of 2009, subject to 
availability of funds. The Fund's total appropriation is $13.4 million. 
Because the CDRLF will be fully loaned in early 2009, new loans will be 
awarded from loan repayments made throughout the year in 2009. Based on 
the CDRLF's aggregate loan amortization schedule, approximately $3.1 
million will be repaid and available for loans in late 2009. Therefore, 
the loan application period will open in the last quarter of 2009. 
Application procedures for the 2009 Fund Loan Program will be posted to 
the NCUA Web site.

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.

DATES: Applications can be submitted starting on October 1, 2009, and 
closing on November 30, 2009.

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

[[Page 77076]]

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 website 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 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 
11, 2008.
Mary F. Rupp,
Secretary, NCUA Board.
 [FR Doc. E8-30031 Filed 12-17-08; 8:45 am]
BILLING CODE 7535-01-P