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