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 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)

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.(d)

Partnerships

In order to receive a grant under this section, a national nonprofit organization shall demonstrate a track record of, and a strategy for, 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.(e)

Prioritization

Notwithstanding section 206, in selecting grant recipients under this section, the Secretary shall 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, and multiple geographies within a State.(f)

Administration

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

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.(h)

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.(i)

Authorization of appropriations

There is authorized to be appropriated to the Secretary $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.