Procedures for designation of additional Low-Income Geographic Areas

§ 108.1940 Procedures for designation of additional Low-Income Geographic Areas (a) General. On its own initiative or upon written request by a Person which addresses the relevant factor(s) set forth in paragraph (b) of this section, SBA may consider whether to designate additional census tracts (or equivalent county divisions) as LI Areas. (b) Criteria. SBA will consider one or more of the following factors in determining whether to designate a particular census tract (or equivalent county division) as an additional LI Area: (1) A substantial number of Low-Income Individuals reside in that census tract (or equivalent county division). (2) As adequately supported by studies or other analyses or reliable data, that census tract (or equivalent county division) has a pattern of unmet needs for investment capital. (3) As adequately supported by studies or other analyses or reliable data, that census tract (or equivalent county division) has indications of economic distress. (c) Procedure for designation. (1) If SBA decides to consider the designation of an additional LI Area, SBA will publish in the Federal Register a notice that it is considering such designation. SBA will advise the public that it will consider any comments supporting or opposing the designation, submitted within a specified time period. (2) In making a final decision on whether to designate a particular census tract (or equivalent county division) as an additional LI Area, SBA will consider evidence submitted by any requester, SBA's own research, any public comments submitted, and any other information deemed relevant by SBA. (3) If SBA designates a particular census tract (or equivalent county division) as an additional LI Area, SBA will publish a notice in the Federal Register and, if appropriate, will amend this part to include the additional LI Area.