Revitalizing business districts program

(a)

In general

Title II of the Public Works and Economic Development Act of 1965 (42 U.S.C. 3141 et seq.) is amended by adding at the end the following:

219.

Revitalizing business districts program

(a)

Definitions

In this section: (1)

National nonprofit organization

The term national nonprofit organization means a nonprofit organization that— (A)operates, including through affiliates, membership networks or partnerships with third party entities, in each geographic area served by a regional office of the Economic Development Administration; and (B)has experience and expertise in providing technical assistance and capacity building programs in support of community-based organizations that focus on revitalizing business districts and commercial corridors, including through support of underserved small businesses. (2)

Nonprofit organization

The term nonprofit organization means an organization that is— (A)described in paragraph (3), (4), (5), or (6) of section 501(c) of the Internal Revenue Code of 1986; and (B)exempt from taxation under section 501(a) of that Code. (b)

Program

The Secretary shall establish a national program under which the Secretary shall award grants on a competitive basis to national nonprofit organizations to carry out place-based programs, in partnership with locally-based nonprofit or public community and economic development partners, to provide specialized technical assistance, capacity building, and related services that support small businesses and business district revitalization in low-income, rural, and minority communities. (c)

Use of funds

The Secretary shall establish reasonable caps on administrative costs and activities necessary for awardees to implement activities funded under the program established under subsection (b). (d)

Application

A national nonprofit organization seeking a grant under this section shall submit an application to the Secretary at such time, in such manner, and containing such information as the Secretary may require. Applications shall include a strategy for distributions of grant funds to local business district organizations or similar place-based business or economic development organizations. (e)

Partnerships

In order to receive a grant under this section, a national nonprofit organization shall demonstrate a track record of supporting local business district organizations or similar place-based business or economic development organizations and serving disadvantaged businesses or communities that are socially and economically disadvantaged, including rural communities. (f)

Prioritization

Notwithstanding section 206 in selecting grant recipients under this section, the Secretary shall ensure a broad geographic distribution of award activities, and give priority to an applicant— (1)that would serve communities that are socially and economically disadvantaged, including rural communities; and (2)that has the demonstrated capacity to serve multiple States or multiple geographies within a State. (g)

Reporting

Awardees must submit to the Secretary (at such time and in such manner as the Secretary may prescribe, but no more frequently than annually) a report specifying— (1)the names and addresses of the local business development or economic development organizations funded by the awardee; (2)the use of funds, both by the awardee and by each funded entity; (3)the total number of small businesses receiving direct or indirect assistance through the funding and the number of employees at those business; (4)the total number of such small businesses that qualify as disadvantaged businesses or are in communities that are socially or economically disadvantaged, including rural communities, and the number of employees at such businesses; and (5)such other information as the Secretary may require. (h)

Administration

The Secretary shall carry out this section through the headquarters office of the Economic Development Administration. (i)

Federal share

(1)

In general

Subject to paragraphs (2) and (3) and notwithstanding section 204 or any other provision of law, the Federal share of the cost of a project carried out with assistance under this section shall be not more than 80 percent. (2)

Use of other Federal funds

A grant recipient may use other Federal funds provided to the grant recipient to increase the Federal share under paragraph (1) up to 100 percent, as the Secretary determines to be appropriate. (3)

Waiver

The Secretary may increase the Federal share under paragraph (1) up to 100 percent if the Secretary determines that the grant recipient is unable to pay, or would experience significant financial hardship if required to pay, the non-Federal share. (j)

Administrative costs

Of the amounts made available to carry out this section for a fiscal year, the Secretary may use not more than 2 percent for the administrative costs of carrying out this section. (k)

Funding

Out of any unobligated funds provided to the Economic Development Administration, the Secretary may expend up to $50,000,000 for each of fiscal years 2022 through 2026, to remain available until expended, to carry out this section.

(b)

Direct expenditure or redistribution by recipient

Section 217(a) of the Public Works and Economic Development Act of 1965 (42 U.S.C. 3154c(a)) is amended by striking or 207 and inserting 207, or 219. (c)

Clerical amendment

The table of contents in section 1(b) of the Public Works and Economic Development Act of 1965 (42 U.S.C. 3121 note) is amended by inserting after the item relating to section 218 the following new item:

Sec. 219. Revitalizing business districts program.