[Federal Register Volume 75, Number 116 (Thursday, June 17, 2010)]
[Notices]
[Page 34488]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2010-14652]



[[Page 34488]]

=======================================================================
-----------------------------------------------------------------------

NATIONAL CREDIT UNION ADMINISTRATION


Community Development Revolving Loan Fund 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 [Fund's] Loan Program beginning in June 2010, subject to 
availability of funds. The Fund's total appropriation for loans is 
$13.4 million.
    Applications and procedures for the 2010 Fund Loan Program will be 
posted to the NCUA Web site.

ADDRESSES: Applications for participation may also 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 June 11, 2010 and 
closing when funding is exhausted.

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 1 percent, subject to change depending on market 
interest rates.
    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 June 9, 
2010.
Mary F. Rupp,
Secretary, NCUA Board.
[FR Doc. 2010-14652 Filed 6-16-10; 8:45 am]
BILLING CODE 7535-01-P