STATUTORY ESTABLISHMENT OF PROGRAM.

SEC. 404. STATUTORY ESTABLISHMENT OF PROGRAM. Section 21A of the Federal Home Loan Bank Act (12 U.S.C. 1441a) is amended by inserting after subsection (v) (as added by section 303 of this title) the following new subsection: “(w) Minority Interim Capital Assistance Program.— “(1) In general.— The minority interim capital assistance program established by the Oversight Board by regulation pursuant to the strategic plan under subsection (a) is hereby established by law. “(2) Assistance under circumstances for acquisition of majority-owned institutions.— In addition to the assistance provided pursuant to the program established under paragraph (1), the Corporation shall provide assistance under such program for minority-owned depository institutions and minority investors for the acquisition of any savings association for which the Corporation has been appointed conservator or receiver and which, before such appointment, was not a minority-owned association, if the Corporation has not received acceptable bids for the acquisition of such association without offering such assistance. “(3) Extension of interim financing period.— The period for repayment of capital assistance provided under the minority interim capital assistance program shall be not less than 2 years. 105 STAT. 1777 “(4) Interest rate.— The rate of interest imposed by the Corporation in connection with any interim financing provided under the minority interim capital assistance program may not exceed the average cost of funds to the Corporation as of the time such rate is established. “(5) Definitions.— For purposes of this subsection— “(A) Minority.— The term ‘minority’ has the meaning given to such term by section 1204(c)(3) of the Financial Institutions Reform, Recovery and Enforcement Act of 1989. “(B) Acquisition.— The term ‘acquisition’ means any transaction in which a savings association is acquired (as defined in section 13(c)(8) of the Federal Deposit Insurance Act).”.