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15 U.S. Code § 689. Definitions
In this part, the following definitions apply:(1) Developmental venture capital
The term “developmental venture capital” means capital in the form of equity capital investments in businesses made with a primary objective of fostering economic development in low-income geographic areas. For the purposes of this paragraph, the term “equity capital” has the same meaning given such term in section 683(g)(4) of this title.
(2) Low-income individualThe term “low-income individual” means an individual whose income (adjusted for family size) does not exceed—
(A)
for metropolitan areas, 80 percent of the area median income; and
(B) for nonmetropolitan areas, the greater of—
(i)
80 percent of the area median income; or
(ii)
80 percent of the statewide nonmetropolitan area median income.
(3) Low-income geographic areathe [1] term “low-income geographic area” means—
(A) any population census tract (or in the case of an area that is not tracted for population census tracts, the equivalent county division, as defined by the Bureau of the Census of the Department of Commerce for purposes of defining poverty areas), if—
(i)
the poverty rate for that census tract is not less than 20 percent;
(ii) in the case of a tract—
(I)
that is located within a metropolitan area, 50 percent or more of the households in that census tract have an income equal to less than 60 percent of the area median gross income; or
(II)
that is not located within a metropolitan area, the median household income for such tract does not exceed 80 percent of the statewide median household income; or
(iii)
as determined by the Administrator based on objective criteria, a substantial population of low-income individuals reside, an inadequate access to investment capital exists, or other indications of economic distress exist in that census tract; or
(B) any area located within—
(i)
a HUBZone (as defined in section 632(p) [2] of this title and the implementing regulations issued under that section);
(ii)
an urban empowerment zone or urban enterprise community (as designated by the Secretary of Housing and Urban Development); or
(iii)
a rural empowerment zone or rural enterprise community (as designated by the Secretary of Agriculture).