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Federal Register / Vol. 86, No. 242 / Tuesday, December 21, 2021 / Rules and Regulations
applicant intermediaries will use income data from the latest decennial census of the United States, updated according to changes in the consumer price index as published annually by the Agency. The poverty line used will be as defined in section 6732 of the Community Services Block Grant Act 42 U.S.C. 99022, which will be published annually by the Agency. If the median household income in the intermediarys service area exceeds the poverty line for a family of four by:
i At least 50 percent, but not more than 75 percent, 5 points will be awarded;
ii At least 25 percent, but less than 50 percent, 10 points will be awarded;
or iii Below 25 percent, 15 points will be awarded.
6 Unemployment maximum 15
points. The Agency will award points under this criterion based on the extent to which the unemployment rate in the intermediarys service area exceeds the national unemployment rate. For unemployment computations, applicant intermediaries must use the unemployment data published by the Bureau of Labor Statistics, U.S.
Department of Labor, for the most current month available at the time of application in comparison to the national unemployment rate for the same month. If the service area is a single city, town, or Indian Reservation and current, monthly unemployment data is not available for that city or town, the current, monthly unemployment rate for the county or Indian Reservation in which the service area is located should be used. For applicant intermediaries whose service area includes multiple locations or geographic areas, a weighted average based on the populations should be used in calculating the areas unemployment rate. If the unemployment rate in the intermediarys service area is:
i Equal to, or less than 25 percent above the national unemployment rate, 5 points will be awarded;
ii At least 25 percent above, but less than 50 percent above the national unemployment rate, 10 points will be awarded; or iii Fifty percent or more above the national unemployment rate, 15 points will be awarded.
7 Trauma maximum 15 points.
Under this criterion, the Agency will award 15 points if 50 percent or more of the intermediarys service area is experiencing trauma due to a major natural disaster, as declared by the Federal Emergency Management Agency FEMA, that occurred not more than
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three years prior to the filing of the application for assistance.
Intermediaries with proposed statewide and nationwide service areas do not qualify for these points.
8 Experience maximum 30 points.
The Agency will award points under this criterion based on the number of years the intermediary entity has in successfully making and servicing commercial loans. If the intermediary entity itself has actual experience in making and servicing commercial loans, with a successful record, for:
i At least 1 but less than 3 years, 5
points will be awarded;
ii At least 3 but less than 5 years, 10
points will be awarded;
iii At least 5 but less than 10 years, 20 points will be awarded; or iv Ten or more years, 30 points will be awarded.
9 Size of loan request maximum 20
points. The Agency will award points under this criterion based on the size of the intermediarys loan request. If the size of the loan request is:
i $500,000 or less, 20 points will be awarded; or ii Over $500,000, and up to $750,000, 10 points will be awarded 10 Administrator maximum 10
points. The Administrator may award up to 10 additional points to an application to account for either or both of the items identified in below:
i The project meets the President/
Secretary Initiatives e.g., local foods, regional development, persistent poverty, energy-related, etc.; or ii The applicants service area will include areas not currently served by existing IRP Intermediaries. Statewide and nationwide Intermediaries will not be considered for Administrator points with regard to whether an area is currently covered by an existing IRP
fund.
4274.342 4274.344
4274.345

Reserved
Letter of conditions.

The Agency will provide the successful intermediary with a letter of conditions listing all requirements for the loan. Immediately after reviewing the conditions and requirements in the letter of conditions, the intermediary must complete, sign, and return the requisite forms provided by the Agency indicating the intermediarys intent to meet the conditions and the request of obligation of funds. If the intermediary identifies certain conditions that cannot be met, the intermediary may propose alternate conditions to the Agency. The Agency must approve in writing of any proposed changes made to the initially issued or proposed letter of conditions prior to acceptance and finalization
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4274.346

Agency IRP loan closing.

a At the time the Agency IRP loan is closed, the intermediary must certify to each condition identified in paragraphs a1 through 5 of this section.
1 No major changes have been made in the work plan except those approved in the interim by the Agency.
2 All requirements of the letter of conditions have been met.
3 There has been no material adverse change in the intermediarys financial condition, nor any other material adverse change in the intermediary, for any reason, during the period of time from the Agencys loan approval to loan closing regardless of the cause or causes of the change and whether or not the change or causes of the change were within the intermediarys control. Any material adverse change must be explained by the intermediary. The Agency, at its sole discretion, will consider any such change and determine if it is significant enough to prevent the loan closing or disbursement of IRP loan funds to the intermediary.
4 There are no claims or liens of laborers, materialmen, contractors, subcontractors, suppliers of machinery and equipment, or other parties pending against the security of the intermediary, and that no suits are pending or threatened that would adversely affect the security of the intermediary when the security instruments are filed.
5 Certification that the intermediary has received Agency staff training on how to distinguish a required environmental review from a categorical exclusion in accordance with 4274.305b.
b The Agency will consider all requested changes submitted in writing to the Agency but will only approve changes that do not materially affect the IRP project, its capacity, employment, original projections, or credit factors.
4274.347 4274.350
4274.351
funds.

Reserved
Loan approval and obligating
a The loan will be considered approved on the date that the obligation of funds document Form RD 19401, Request for Obligation of Funds, is signed by the Agency. Agency IRP loans not closed within six months of approval by the Agency will be deobligated and the loan funds will no longer be available to the intermediary.
b An obligation of funds established for an intermediary may be transferred by the Agency to a different substituted intermediary provided:

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