The Secretary shall approve these State cash accessibility method as eligible for Federal contributions into the reserve fund if—
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When the Secretary approves municipalities being collaborating municipalities less than this subsection, the Secretary shall apportion the complete volume of the Federal cash that are allocated to that State to municipalities which are authorized beneath this subsection in quantities proportionate on the population of Those people municipalities, depending on The latest offered decennial census.
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A loan for being submitted for enrollment in an accepted Condition funds accessibility plan could possibly be built with these types of desire price, costs, along with other conditions and terms, along with the loan might be enrolled from the approved State funds accessibility system and claims might be filed and paid out, as agreed upon because of the financial institution lender as well as the borrower, in keeping with relevant regulation.
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If 3 or much less municipalities, or mix of municipalities as presented in paragraph (three), of a Point out submit an application for approval with the Secretary to become taking part municipalities beneath this subsection, and the programs meet up with the approval requirements in paragraph (four), the Secretary shall allocate Federal cash to every applicant municipality or blend of municipalities.
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