; or (C) new investments in the community to reduce the incidence of poverty, including developing lasting social and economic assets. 680. Eligible entities and tripartite boards (a) Designation and redesignation of eligible entities in unserved areas (1) In general If any geographic area of a State is not, or ceases to be, served by an eligible entity, the lead agency may, in consultation with local officials and organizations representing the area, solicit one or more applications and designate a new community action agency to provide programs, projects, or services to the area, that is— (A) a community action agency that is a private, nonprofit organization and that is geographically located in an area within reasonable proximity of, or contiguous to, the unserved area that is already providing similar programs, projects, or services, and that has demonstrated financial capacity to manage and account for Federal funds