[116th Congress Public Law 192]
[From the U.S. Government Publishing Office]



[[Page 134 STAT. 978]]

Public Law 116-192
116th Congress

                                 An Act


 
   To amend the Public Works and Economic Development Act of 1965 to 
provide for the release of certain Federal interests in connection with 
certain grants under that Act, and for other purposes. <<NOTE: Oct. 30, 
                          2020 -  [S. 4075]>> 

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled, <<NOTE: Reinvigorating 
Lending for the Future Act. 42 USC 3121 note.>> 
SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Reinvigorating Lending for the Future 
Act'' or the ``RLF Act''.
SEC. 2. RELEASE OF CERTAIN INTERESTS.

    Section 601(d)(2) of the Public Works and Economic Development Act 
of 1965 (42 U.S.C. 3211(d)(2)) is amended--
            (1) by striking the paragraph designation and heading and 
        all that follows through ``The Secretary may'' and inserting the 
        following:
            ``(2) Release.--
                    ``(A) In general.--Except as provided in 
                subparagraph (B), the Secretary may''; and
            (2) by adding at the end the following:
                    ``(B) Certain releases.--
                          ``(i) In general.--On written request from a 
                      recipient of a grant under section 209(d), the 
                      Secretary shall release, in accordance with this 
                      subparagraph, any Federal interest in connection 
                      with the grant, if--
                                    ``(I) <<NOTE: Time period.>>  the 
                                request is made not less than 7 years 
                                after the final disbursement of the 
                                original grant;
                                    ``(II) the recipient has complied 
                                with the terms and conditions of the 
                                grant to the satisfaction of the 
                                Secretary;
                                    ``(III) any proceeds realized from 
                                the grant will be used for 1 or more 
                                activities that continue to carry out 
                                the economic development purposes of 
                                this Act; and
                                    ``(IV) the recipient includes in the 
                                written request a description of how the 
                                recipient will use the proceeds of the 
                                grant in accordance with subclause 
                                (III).
                          ``(ii) Deadline.--
                                    ``(I) In general.--Except as 
                                provided in subclause (II), the 
                                Secretary shall complete all closeout 
                                actions for the grant by not later than 
                                180 days after receipt and acceptance of 
                                the written request under clause (i).

[[Page 134 STAT. 979]]

                                    ``(II) <<NOTE: Determination.>>  
                                Extension.--The Secretary may extend a 
                                deadline under subclause (I) by an 
                                additional 180 days if the Secretary 
                                determines the extension to be 
                                necessary.
                          ``(iii) <<NOTE: Applicability.>>  Savings 
                      provision.--Section 602 shall continue to apply to 
                      a project assisted with a grant under section 
                      209(d) regardless of whether the Secretary 
                      releases a Federal interest under clause (i).''.

    Approved October 30, 2020.

LEGISLATIVE HISTORY--S. 4075:
---------------------------------------------------------------------------

CONGRESSIONAL RECORD, Vol. 166 (2020):
            Aug. 6, considered and passed Senate.
            Oct. 1, considered and passed House.

                                  <all>