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42 U.S. Code § 5318a. John Heinz Neighborhood Development Program
(a) DefinitionsFor the purposes of this section:
(1) The term “eligible neighborhood development activity” means—
(A)
creating permanent jobs in the neighborhood;
(B)
establishing or expanding businesses within the neighborhood;
(C)
developing, rehabilitating, or managing neighborhood housing stock;
(D)
developing delivery mechanisms for essential services that have lasting benefit to the neighborhood; or
(E)
planning, promoting, or financing voluntary neighborhood improvement efforts.
(2) The term “eligible neighborhood development organization” means—
(A)
(i)
an entity organized as a private, voluntary, nonprofit corporation under the laws of the State in which it operates;
(ii)
an organization that is responsible to residents of its neighborhood through a governing body, not less than 51 per centum of the members of which are residents of the area served;
(iii)
an organization that has conducted business for at least one year prior to the date of application for participation;
(iv) an organization that operates within an area that—
(I)
meets the requirements for Federal assistance under section 5318 of this title;
(II)
is designated as an enterprise zone under Federal law;
(III)
is designated as an enterprise zone under State law and recognized by the Secretary for purposes of this section as a State enterprise zone; or
(IV)
is a qualified distressed community within the meaning of section 1834a(b)(1) of title 12; and
(v)
an organization that conducts one or more eligible neighborhood development activities that have as their primary beneficiaries low- and moderate-income persons, as defined in section 5302(a)(20) of this title; or
(B)
any facility that provides small entrepreneurial business with affordable shared support services and business development services and meets the requirements of subparagraph (A).
(3) The term “neighborhood development funding organization” means—
(A)
a depository institution the accounts of which are insured pursuant to the Federal Deposit Insurance Act [12 U.S.C. 1811 et seq.] or the Federal Credit Union Act [12 U.S.C. 1751 et seq.], and any subsidiary (as such term is defined in section 3(w) of the Federal Deposit Insurance Act [12 U.S.C. 1813(w)]) thereof;
(B)
a depository institution holding company and any subsidiary thereof (as such term is defined in section 3(w) of the Federal Deposit Insurance Act [12 U.S.C. 1813(w)]); or
(C)
a company at least 75 percent of the common stock of which is owned by one or more insured depository institutions or depository institution holding companies.