§ 1265.1. Definitions.
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/us/cfr/t12/s§ 1265.1·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
As used in this part: Advance means a loan from a Bank that is:
(1)Provided pursuant to a written agreement;
(2)Supported by a note or other written evidence of the borrower's obligations; and
(3)Fully secured by collateral in accordance with the Federal Home Loan Bank Act (12 U.S.C. 1421 through 1449) and applicable regulations. SBIC means a small business investment company formed pursuant to section 301 of the Small Business Investment Act (15 U.S.C. 681). Targeted income level means:
(1)For rural areas, incomes at or below 115 percent of the median income for the area, as adjusted for family size in accordance with the methodology of the applicable area median income standard or, at the option of the Bank, for a family of four; and
(2)For urban areas, incomes at or below 100 percent of the median income for the area, as adjusted for family size in accordance with the methodology of the applicable area median income standard or, at the option of the Bank, for a family of four. [75 FR 8240, Feb. 24, 2010, as amended at 78 FR 2324, Jan. 11, 2013]
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