    [United States Statutes at Large, Volume 134, 116th Congress, 2nd Session]
    [From the U.S. Government Publishing Office, www.gpo.gov]

    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. <>

    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 ``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) <>  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 979]]

    ``(II) <>
    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) <>  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.