In an application for assistance under this subtitle, an applicant that is a community development equity fund shall demonstrate, to the satisfaction of the Secretary, that the current or proposed management team of the fund is qualified and has the knowledge, experience, and capability necessary for investing in the types of businesses contemplated by this Act, regulations implementing this Act, and the business plan of the fund. (3) Treatment The management entity of the community development equity fund and all of its current and future managed investment funds shall be treated as one community development financial institution, regardless of the separation of the corporate structures, if the management entity maintains control over the investment decisions of the managed funds and has not made changes to its management team without approval of the Secretary. . 4. Emerging CDFIs Section 105 of the Community Development Banking and Financial Institutions Act of 1994 ( 12 U.S.C. 4704 ), as amended by section 3 of this Act, is amended by adding at the end the following: (e) Emerging community development financial institutions (1) In general An entity may submit to the Fund an application to be certified as an emerging community development financial institution. (2) Business plan The application described in paragraph (1) shall include a business plan that demonstrates that, during the 18-month period beginning on the date on which the business plan is approved, the entity will meet the requirements of subparagraph (A) of section 103(5) or subsection (d) of this section. .