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Rural area. A rural area is:
(a) Open country or any town, village, city, or place, including the immediate adjacent densely settled area, which is not part of or associated with an urban area and which:
(1) Has a population not in excess of 2,500 inhabitants; or
(2) Has a population in excess of 2,500 but not in excess of 10,000 if it is rural in character; or
(3) Has a population in excess of 10,000 but not in excess of 20,000, and--
(i) Is not contained within a Metropolitan Statistical Area; and
(ii) Has a serious lack of mortgage credit for lower and moderate-income families as determined by the Secretary of Agriculture and the Secretary of Housing and Urban Development.
(b) Any area classified as ``rural'' or a ``rural area'' prior to October 1, 1990, and determined not to be ``rural'' or a ``rural area'' as a result of data received from or after the 1990, 2000, or 2010 decennial census, and any area deemed to be a ``rural area'' at any time during the period beginning January 1, 2000, and ending December 31, 2010, shall continue to be so classified until the receipt of data from the decennial census in the year 2020, if such area has a population in excess of 10,000 but not in excess of 35,000, is rural in character, and has a serious lack of mortgage credit for lower and moderate-income families.
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