Low-Income Geographic Area Law and Legal Definition

According to 15 USCS § 689 (3), [Title 15. Commerce and Trade; Chapter 14B. Small Business Investment Program; Investment Division Programs; New Markets Venture Capital Program] the 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) HUBZone (as defined in section 3(p) of the Small Business Act [15 USCS § 632(p)] 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).”