Sec. 5. Economic Mobility Corps grant program
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The Chief Executive Officer, in consultation with the Secretary, shall award grants, on a competitive basis, to eligible entities to enable such eligible entities to place participants at placement sites for the purpose of engaging them in Economic Mobility Corps projects. To be eligible to receive a grant under this Act, an entity shall submit an application regarding an Economic Mobility Corps project to the Chief Executive Officer at such time, in such manner, and containing such information, as the Chief Executive Officer may require, including— a description of the long-term goals and objectives for the project involved and the benchmarks that the eligible entity will use to determine whether to place participants with a covered community development financial institution and to evaluate the performance of the covered community development financial institution in carrying out the project; and the number of participants intended to be placed with the covered community development financial institution, in accordance with thresholds set by the Chief Executive Officer, with respect to both the minimum and maximum numbers of participants that can be placed with a covered community development financial institution, including such an institution that is an eligible entity.
In making grants under this Act, the Chief Executive Officer, in consultation with the Secretary, shall give preferential consideration to entities proposing to serve rural communities or veterans. An eligible entity that receives a grant under this section shall use the funds made available through the grant— to develop a training orientation, in which each selected participant will take part; and to identify and encourage individuals, including those who are residents in the community to be served or otherwise reflect the demographics of the community, to serve as participants in community investment, including the activities described in paragraph (3), in the projects.
An eligible entity that receives a grant under this section for an Economic Mobility Corps project shall use the grant funds to provide assistance, consistent with subtitle C of title I of the National and Community Service Act of 1990 ( 42 U.S.C. 12571 et seq.), for the project, including assistance for participants selected for the project in carrying out the activities described in paragraph (3). In carrying out those activities, each selected participant shall— strengthen the capacity of, and expand the direct services provided by, the covered community development financial institution, which services may include financial counseling, financial services, job placement, small business financing, affordable rental housing financing, commercial facility financing, community facility financing, single family home financing, and foreclosure prevention services; and provide such direct services.
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Sec. 5
Economic Mobility Corps grant program
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