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Federal Register / Vol. 86, No. 242 / Tuesday, December 21, 2021 / Rules and Regulations months of loan closing in addition to showing the need for additional IRP
funds in accordance with paragraph a1iii of this section.
c Application submittal.
Intermediaries must submit the complete application in one package.
The intermediary must file its application with the Agency State Office in the State in which the intermediarys headquarters is located. An intermediary headquartered in the District of Columbia may file its application with the Delaware/
Maryland Rural Development State Office, Attention: Business Programs, 1221 College Park Drive, Suite 200, Dover, DE 19904.

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4274.341
loans.

Processing applications for
a Processing applications.
Applications are accepted in the Rural Development State Office on an ongoing basis. The Agency will review all applications received for eligibility and will score each application according to the criteria in paragraph b of this section. Eligible applications received by the Rural Development State Office by close of business on September 30, December 31, March 31, and June 30 of each year will compete based on score ranking for available funds with other applications in that Federal fiscal quarter. If the quarterly application deadline falls on a weekend or holiday, the application deadline will be the next business day. The Agency will rank all eligible, scored applications each Federal fiscal quarter and will fund applications in the order of priority ranking using available funds for that quarter. The Agency will retain unsuccessful applications due to limited funding for consideration in subsequent reviews, through a total of four quarterly reviews.
b Scoring. The Agency will use a point system to determine an eligible applicants priority ranking for available loan funds. Points will be awarded only for factors indicated by well documented, reasonable plans which, in the opinion of the Agency, provide assurance that the work plan items have a high probability of being accomplished. Application content must contain sufficient information to assess the applicants ability to manage an IRP revolving loan fund and allow the Agency to assign priority points in accordance with the criteria discussed in this section. The Agency will award points using the criteria identified in paragraphs b1 through 9 of this section. Any application that does not meet the minimum value for receiving
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points associated with a criterion will receive no points for that criterion.
1 Intermediary equity contribution for initial Agency IRP loan applications only maximum 35 points. The Agency will award points under this criterion if the applicant is applying for its first ever Agency IRP loan and will contribute cash matching funds to the IRP revolving loan fund. These funds must be deposited into the IRP account at closing and are subject to the same use restrictions as Agency IRP loan funds. These funds must be loaned out to ultimate recipients in conjunction with Agency IRP loan funds. The amount of cash matching funds contributed will be:
i At least 5 percent, but less than 10
percent of the requested loan amount 10 points.
ii At least 10 percent, but less than 20 percent of the requested loan amount15 points.
iii At least 20 percent, but less than 30 percent of the requested loan amount20 points.
iv At least 30 percent, but less than 40 percent of the requested loan amount25 points.
v At least 40 percent, but less than 50 percent of the requested loan amount30 points.
vi More than 50 percent of the requested loan amount35 points.
2 Intermediary equity contribution for subsequent Agency IRP loan applications only maximum 35 points.
The Agency will award points under this criterion if the applicant is applying for a subsequent IRP loan and will contribute cash matching funds to the IRP revolving loan fund. The Agency must determine that the applicants performance under their current IRP
loans is satisfactory in accordance with 4274.330f3 in order to be eligible and receive points under this criterion. These funds must be deposited into the IRP account at closing and are subject to the same use restrictions as Agency IRP Funds and loaned out to ultimate recipients in conjunction with Agency IRP loan funds. Cash matching funds are not required of subsequent applicants, but points will be awarded if the amount of cash matching funds contributed will be:
i At least 5 percent, but less than 10
percent of the requested loan amount 10 points.
ii At least 10 percent, but less than 20 percent of the requested loan amount15 points.
iii At least 20 percent, but less than 30 percent of the requested loan amount20 points.

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iv At least 30 percent, but less than 40 percent of the requested loan amount25 points.
v At least 40 percent, but less than 50 percent of the requested loan amount30 points.
vi More than 50 percent of the requested loan amount35 points.
3 Community Representation 10
points. Governing board of directors where 50 percent or more of its members consist of business, banking, civic and community leaders that are representative of the rural communities within the service areas that intermediary serves. These board members are diversely spread across the service areas and represent at least 50
percent of the intermediary total service area. These board members are not employees of the intermediary.
Statewide and national IRP lenders must have a board of directors with members that are also familiar with current economic conditions and the inherent credit risks of making and servicing loans outside of the intermediarys primary location to receive these points. Documentation in the workplan must address these qualifications.
4 Leveraging maximum 25 points.
The Agency will award points if the intermediary will limit the funding of ultimate recipient project loans with Agency IRP funds. IRP revolving loan fund funds that consist of revolved funds may also be used as leveraging.
However, any projects funded must continue to comply with the loan agreement and requirements of this subpart so long as any part of the Agency IRP loan remains unpaid. The intermediarys equity contribution will be the following percentages of an ultimate recipients total project costs:
i At least 10 percent, but less than 25 percent of the total project costs5
points will be awarded;
ii At least 25 percent, but less than 50 percent of the total project costs10
points will be awarded; or iii Fifty percent or more of the total project costs25 points will be awarded.
5 Median household income maximum 15 points. The Agency will award points under this criterion based on the degree to which the median household income in the service area of the intermediary exceeds the poverty line for a family of four. For applicant intermediaries whose service area includes multiple locations or geographic areas, weighted averages based on the populations will be used in calculating the areas median household income. For median household income computations,
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