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Federal Register / Vol. 86, No. 242 / Tuesday, December 21, 2021 / Rules and Regulations
Conducted Programs and Activities, neither the intermediary nor the Agency will discriminate against any employee, intermediary, or proposed ultimate recipient on the basis of sex, marital status, race, color, religion, national origin, age, physical or mental disability provided the intermediary or proposed ultimate recipient has the capacity to contract, because all or part of the intermediarys or proposed ultimate recipients income is derived from public assistance of any kind, or because the intermediary or proposed ultimate recipient has in good faith exercised any right under the Consumer Credit Protection Act, with respect to any aspect of a credit transaction anytime any cash of the IRP revolving loan fund is involved.
1 The civil rights compliance requirements contained in 7 CFR part 1901, subpart E, apply to intermediaries and ultimate recipients.
2 The Agency will ensure that equal opportunity and nondiscrimination requirements are met in accordance with the Equal Credit Opportunity Act, Title VI of the Civil Rights Act of 1964, Nondiscrimination in Federally Assisted Programs, 42 U.S.C. 2000d4, 504 of the Rehabilitation Act for Federally Conducted Programs and Activities, the Age Discrimination Act of 1975, and the Americans With Disabilities Act of 1990 as amended.
d Seismic safety of new building construction. The IRP is subject to the provisions of Executive Order 12699, which require each Federal agency assisting in the financing, through Federal grants or loans, or guaranteeing the financing, through loan or mortgage insurance programs, of newly constructed buildings to assure appropriate consideration of seismic safety.
1 All new buildings financed from the IRP revolving loan fund, whether directly or through participations, must be designed and constructed in accordance with the seismic provisions of the most current version of the International Building Code IBC or two versions prior; currently that is 2021
IBC, 2018 IBC or 2015 IBC, or an abovecode seismic standard that meets or exceeds the equivalent level of safety to that contained in the latest edition of the National Earthquake Hazard Reduction Programs NEHRP
Recommended Provisions for the Development of Seismic Regulations for New Building NEHRP Provisions.
2 The date, signature, and seal of a registered architect or engineer and the identification and date of the model building code on the plans and specifications constitutes evidence of
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compliance with the seismic requirements of the appropriate code.
4274.306 4274.309

Reserved
4274.310 Eligibility requirements intermediaries.

To be eligible to receive an Agency IRP loan, an intermediary must comply with the requirements specified in paragraphs a through i of this section.
a Type of entity. The intermediary must be one of the following types of entities:
1 A private nonprofit corporation;
2 A public agency;
3 An Indian Tribe; or 4 A cooperative.
b Legal authority. The intermediary must have the legal authority necessary for carrying out the proposed loan purposes and for obtaining, giving security for, and repaying the proposed loan. If the intermediary is an affiliate of another entity, the intermediarys governing board must be independent of the affiliated entity.
c Proven record. The intermediary must have a proven lending record of successfully assisting rural business and industry or, for intermediaries that propose to finance community development, a proven lending record of successfully assisting rural community development projects of the type planned. The intermediary must have the capacity to conduct outreach and marketing, the underwriting of loan applications, and provide the servicing and monitoring of its proposed IRP
portfolio.
1 Except as provided in paragraph c2 of this section, such record must include recent experience in loan making and servicing with loans that are similar in nature to those proposed by the intermediary and a delinquency and loss rate acceptable to the Agency. Any request for an exception must be specifically addressed in the loan application and be supported with concluding statements that relate to the items specified in paragraphs c2i and ii of this section.
2 The Agency may approve an exception to the requirement for loan making and servicing experience provided the intermediary:
i Itself has a proven record of successfully assisting other than through lending rural business and industry or rural community development projects through technical assistance or business development projects to the type and size of planned ultimate recipient borrowers; and ii Will, before the loan is closed, employ individuals with loan making and servicing experience and
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qualifications and expertise for the operation and administration of an IRP
revolving loan fund as described in 4274.340a1ii. These shall not include contracted staff and staff from affiliates of the intermediary.
d Staff. The intermediary itself must employ a staff with loan making and servicing expertise acceptable to the Agency. The intermediary may contract for general services, such as, clerical, administrative, and accounting services, and loan packaging. The intermediary may not routinely contract their lending outreach, loan underwriting, management, or day-to-day operations.
Essential activities of a business lending operation and the administration of the IRP revolving loan fund must be conducted in-house.
e Capitalization/equity. The intermediarys balance sheet must have capitalization or equity acceptable to the Agency and deemed sufficient to sustain its lending and business operations.
f Citizens. At least 51 percent of the outstanding interest or membership in any nonpublic body intermediary must be composed of citizens.
g Delinquent debt. An intermediary is ineligible to receive an Agency IRP
loan if the intermediary or any principal of the intermediary has any delinquent debt to the Federal government. Agency IRP loan funds cannot be used to satisfy the delinquent debt.
h Conditions. No loans will be extended to an intermediary unless:
1 There is adequate assurance of repayment of the loan based on the fiscal and managerial capabilities of the intermediary itself; and 2 The amount of the loan, together with other funds available, is adequate to ensure the continuation or establishment of an effective IRP
revolving loan fund or achieve the purposes for which the loan is made.
i Other financing unavailable. The intermediary must be unable to finance the continuation or establishment of an effective IRP revolving loan fund from its own resources, or through commercial credit, or from other Federal, State, or local programs at reasonable rates and terms.
j Restrictions. Intermediaries established for the purpose of, or that predominantly use IRP loan funds for, the financial benefit of an affiliate through loan participations or other funding methods will not be allowed.
4274.311 Eligibility requirements ultimate recipients.

To be eligible for a loan from an intermediary under this subpart, an ultimate recipient must meet or comply with the requirements specified in
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