[Congressional Bills 107th Congress]
[From the U.S. Government Publishing Office]
[H.R. 3003 Introduced in House (IH)]







107th CONGRESS
  1st Session
                                H. R. 3003

   To increase the assistance made available under certain economic 
                         development programs.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                            October 2, 2001

 Ms. Waters (for herself, Mr. Hilliard, Mr. Kanjorski, Mr. Thompson of 
 Mississippi, Mr. Cummings, Mr. Wynn, and Mr. Clyburn) introduced the 
   following bill; which was referred to the Committee on Financial 
   Services, and in addition to the Committees on Small Business and 
  Transportation and Infrastructure, for a period to be subsequently 
   determined by the Speaker, in each case for consideration of such 
 provisions as fall within the jurisdiction of the committee concerned

_______________________________________________________________________

                                 A BILL


 
   To increase the assistance made available under certain economic 
                         development programs.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Job Creation and Economic 
Revitalization Act of 2001''.

SEC. 2. COMMUNITY DEVELOPMENT FINANCIAL INSTITUTIONS.

    Paragraph (1) of section 121(a) of the Community Development 
Banking and Financial Institutions Act of 1994 (12 U.S.C. 4718(a)(1)) 
is amended to read as follows:
            ``(1) In general.--To carry out this subtitle, there are 
        authorized to be appropriated to the Fund, to remain available 
        until expended, $2,000,000,000 for fiscal year 2002, or such 
        greater sums as may be necessary to carry out this subtitle.''.

SEC. 3. NEW MARKETS INITIATIVE.

    Section 368(a)(1) of the Small Business Investment Act of 1958 (15 
U.S.C. 689q(a)(1)) is amended by striking ``$150,000,000'' and 
inserting ``$2,000,000,000''.

SEC. 4. COMMUNITY DEVELOPMENT LOAN GUARANTEES.

    Section 108(a) of the Housing and Community Development Act of 1974 
(42 U.S.C. 5308(a)) is amended adding at the end the following: ``There 
is authorized to be appropriated for the cost (as such term is defined 
in section 502 of the Congressional Budget Act of 1974) of notes and 
obligations guaranteed under this section, $1,000,000,000, for fiscal 
year 2002. Notwithstanding any other provision of law and subject only 
to the absence of qualified applicants or proposed activities and to 
the authority provided in this section, the Secretary shall enter into 
commitments to guarantee notes and obligations under this section to 
the extent that amounts appropriated to cover the costs of such notes 
and obligations are provided in advance in appropriation Acts.''.

SEC. 5. EMPOWERMENT ZONES AND ENTERPRISE COMMUNITIES.

    There is authorized to be appropriated for grants in connection 
with the second round of empowerment zones and enterprise communities 
designated pursuant to section 1391(g) of the Internal Revenue Code of 
1986 (26 U.S.C. 1391(g)), $2,000,000 for fiscal year 2002. Subject only 
to the availability of sufficient funds made available for such 
purpose, $10,000,000 of any amounts appropriated for such grants shall 
be available for each such empowerment zone for use in conjunction with 
economic development activities consistent with the strategic plan of 
each such zone.

SEC. 6. ECONOMIC DEVELOPMENT CORPORATIONS.

    Section 701 of the Public Works and Economic Development Act of 
1965 (42 U.S.C. 3231) is amended by striking ``$335,000,000'' the 
second place it appears and inserting ``$2,000,000,000''.
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