Other Eligibility Criteria:
Any investment in a for-profit or non-profit corporation is eligible if: At least 50 percent of the total gross income of that business is derived from the active conduct of its business within any Qualified Low Income Community. A substantial portion (defined as at least 40 percent) of the use of the tangible property of that business (whether owned or leased) is within any Qualified Low-Income Community Investment (QLIC). Substantial portion (defined as at least 40 percent) of the services performed by that business' employees are performed in any QLIC; the business is not primarily holding collectible If 2) or 3) are 50 percent or more, than 1) has been met.
Low-Income Communities, which are Census Tracts, where:
-The poverty rate is at least 20%
-The median family income does not exceed 80% of the area median family income, or 85% in high migration rural counties
-The Census tract has a population less than 2,000 and is within a Federally Designated Empowerment Zone and is contiguoius to at least one other LIC.
Loans can also be provided for Targeted Low-Income Populations outside of LICs.