(a) Requirement.--Eligible institutions that receive loans from the authority under section 2507¹ shall make and use community development loans pursuant to guidelines established by the department and in a manner consistent with the Community Development Banking and Financial Institutions Act of 1994 (Public Law 103-325, 108 Stat. 2163). The guidelines shall include criteria for the approval of a portfolio of loans submitted by eligible institutions.

(b) Certification required.--In connection with community development loans under this section, the recipient of a loan must provide certification to the department that the recipient does not have any outstanding municipal debts in the form of delinquent real estate taxes or municipal utility bills that are more than one year outstanding.