SECTION 1. SHORT TITLE.

    This Act may be cited as the ``National Historic Country Store 
Preservation and Revitalization Act of 2006''.

SEC. 2. FINDINGS.

    Congress finds that--
            (1) historic country stores are lasting icons of rural 
        tradition in the United States;
            (2) historic country stores are valuable contributors to 
        the civic and economic vitality of their local communities;
            (3) historic country stores demonstrate innovative 
        approaches to historic preservation and small business 
        practices;
            (4) historic country stores are threatened by larger 
        competitors and the costs associated with maintaining older 
        structures; and
            (5) the United States should--
                    (A) collect and disseminate information concerning 
                the number, condition, and variety of historic country 
                stores;
                    (B) develop opportunities for cooperation among 
                proprietors of historic country stores; and
                    (C) promote the long-term economic viability of 
                historic country stores through the provision of 
                financial assistance to historic country stores.

SEC. 3. DEFINITIONS.

    In this Act:
            (1) Country store.--
                    (A) In general.--The term ``country store'' means a 
                structure independently owned and formerly or currently 
                operated as a business that--
                            (i) sells or sold grocery items and other 
                        small retail goods; and
                            (ii) is located in--
                                    (I) an economically distressed 
                                area; or
                                    (II) a nonmetropolitan area, as 
                                defined by the Secretary.
                    (B) Inclusion.--The term ``country store'' includes 
                a cooperative.
            (2) Economically distressed area.--The term ``economically 
        distressed area'' means an area that meets 1 or more of the 
        criteria described in section 301(a) of the Public Works and 
        Economic Development Act of 1965 (42 U.S.C. 3161(a)).
            (3) Eligible applicant.--The term ``eligible applicant'' 
        means--
                    (A) a State department of commerce or economic 
                development;
                    (B) a national or State nonprofit organization 
                that--
                            (i) is described in section 501(c)(3), and 
                        exempt from Federal tax under section 501(a), 
                        of the Internal Revenue Code of 1986; and
                            (ii)(I) has experience or expertise, as 
                        determined by the Secretary, in the 
                        identification, evaluation, rehabilitation, or 
                        preservation of historic country stores; or
                            (II) is undertaking economic and community 
                        development activities;
                    (C) a national or State nonprofit trade 
                organization that--
                            (i) is described in section 501(c)(3), and 
                        exempt from Federal tax under section 501(a), 
                        of the Internal Revenue Code of 1986; and
                            (ii) acts as a cooperative to promote and 
                        enhance country stores; and
                    (D) a State historic preservation office.
            (4) Fund.--The term ``Fund'' means the Historic Country 
        Store Revolving Loan Fund established under section 5(a).
            (5) Historic country store.--The term ``historic country 
        store'' means a country store that--
                    (A) has operated at the same location for at least 
                50 years; and
                    (B) retains sufficient integrity of design, 
                materials, and construction to clearly identify the 
                structure as a country store.
            (6) Secretary.--The term ``Secretary'' means the Secretary 
        of Commerce, acting through the Assistant Secretary for 
        Economic Development.

SEC. 4. HISTORIC COUNTRY STORE PRESERVATION AND REVITALIZATION PROGRAM.

    (a) Establishment.--The Secretary shall establish a historic 
country store preservation and revitalization program--
            (1) to collect and disseminate information on historic 
        country stores;
            (2) to promote State and regional partnerships among 
        proprietors of historic country stores; and
            (3) to sponsor and conduct research on--
                    (A) the economic impact of historic country stores 
                in rural areas, including the impact on unemployment 
                rates and community vitality;
                    (B) best practices to--
                            (i) improve the profitability of historic 
                        country stores; and
                            (ii) protect historic country stores from 
                        foreclosure or seizure; and
                    (C) best practices for developing cooperative 
                organizations that address the economic and historic 
                preservation needs of--
                            (i) historic country stores; and
                            (ii) the communities served by the historic 
                        country stores.
    (b) Grants.--
            (1) In general.--The Secretary may make grants to, or enter 
        into contracts or cooperative agreements with, eligible 
        applicants to carry out an eligible project under paragraph 
        (2).
            (2) Eligible projects.--A grant under this subsection may 
        be made to an eligible applicant for a project--
                    (A)(i) to rehabilitate or repair a historic country 
                store; and
                    (ii) to enhance the economic benefit of the 
                historic country store to the communities served by the 
                historic country store;
                    (B) to identify, document, and conduct research on 
                historic country stores; and
                    (C) to develop and evaluate appropriate techniques 
                or best practices for protecting historic country 
                stores.
            (3) Requirements.--An eligible applicant that receives a 
        grant for an eligible project under paragraph (1) shall comply 
        with all applicable requirements for historic preservation 
        projects under Federal, State, and local law.
            (4) Report.--Not later than 1 year after the date of 
        enactment of this Act, the Secretary shall submit to the 
        Committee on Environment and Public Works of the Senate and the 
        Committee on Transportation and Infrastructure of the House of 
        Representatives a report that--
                    (A) identifies the number of grants made under 
                subsection (b);
                    (B) describes the type of grants made under 
                subsection (b); and
                    (C) includes any other information that the 
                Secretary determines to be appropriate.
    (c) Country Store Alliance Pilot Project.--
            (1) In general.--The Secretary shall carry out a pilot 
        project in the State of Vermont under which the Secretary shall 
        conduct demonstration activities to preserve historic country 
        stores and the communities served by the historic country 
        stores, including--
                    (A) the collection and dissemination of information 
                on historic country stores in the State;
                    (B) the development of collaborative country store 
                marketing and purchasing techniques; and
                    (C) the development of best practices for historic 
                country store proprietors and communities facing 
                transitions involved in the sale or closure of a 
                historic country store.
            (2) Report.--Not later than 1 year after the date of 
        enactment of this Act, the Secretary shall submit to the 
        Committee on Environment and Public Works of the Senate and the 
        Committee on Transportation and Infrastructure of the House of 
        Representatives a report that--
                    (A) describes the results of the pilot project; and
                    (B) includes any recommended changes of the 
                Secretary to the program established under subsection 
                (a), based on the results of the pilot project.

SEC. 5. HISTORIC COUNTRY STORE REVOLVING LOAN FUND.

    (a) Establishment.--Not later than 120 days after the date of 
enactment of this Act, the Secretary of the Treasury shall establish in 
the Treasury of the United States a revolving fund, to be known as the 
``Historic Country Store Revolving Loan Fund'', consisting of--
            (1) such amounts as are appropriated to the Fund under 
        subsection (b);
            (2) \1/3\ of the amounts appropriated under section 8(a); 
        and
            (3) any interest earned on investment of amounts in the 
        Fund under subsection (d).
    (b) Transfers to Fund.--There are appropriated to the Fund amounts 
equivalent to--
            (1) the amounts repaid on loans under section 6; and
            (2) the amounts of the proceeds from the sales of notes, 
        bonds, obligations, liens, mortgages and property delivered or 
        assigned to the Secretary pursuant to loans made under section 
        6.
    (c) Expenditures From Fund.--
            (1) In general.--Subject to paragraph (2), on request by 
        the Secretary, the Secretary of the Treasury shall transfer 
        from the Fund to the Secretary such amounts as the Secretary 
        determines are necessary to provide loans under section 6.
            (2) Administrative expenses.--An amount not exceeding 10 
        percent of the amounts in the Fund shall be available for each 
        fiscal year to pay the administrative expenses necessary to 
        carry out this Act.
    (d) Investment of Amounts.--
            (1) In general.--The Secretary of the Treasury shall invest 
        such portion of the Fund as is not, in the judgment of the 
        Secretary of the Treasury, required to meet current 
        withdrawals.
            (2) Interest-bearing obligations.--Investments may be made 
        only in interest-bearing obligations of the United States.
            (3) Acquisition of obligations.--For the purpose of 
        investments under paragraph (1), obligations may be acquired--
                    (A) on original issue at the issue price; or
                    (B) by purchase of outstanding obligations at the 
                market price.
            (4) Sale of obligations.--Any obligation acquired by the 
        Fund may be sold by the Secretary of the Treasury at the market 
        price.
            (5) Credits to fund.--The interest on, and the proceeds 
        from the sale or redemption of, any obligations held in the 
        Fund shall be credited to and form a part of the Fund.
    (e) Transfers of Amounts.--
            (1) In general.--The amounts required to be transferred to 
        the Fund under this section shall be transferred at least 
        monthly from the general fund of the Treasury to the Fund on 
        the basis of estimates made by the Secretary of the Treasury.
            (2) Adjustments.--Proper adjustment shall be made in 
        amounts subsequently transferred to the extent prior estimates 
        were in excess of or less than the amounts required to be 
        transferred.

SEC. 6. LOANS FOR HISTORIC COUNTRY STORE REHABILITATION OR REPAIR 
              PROJECTS.

    (a) In General.--Using amounts in the Fund, the Secretary may make 
direct loans to eligible applicants for projects--
            (1) to purchase, rehabilitate, or repair historic country 
        stores; or
            (2) to establish microloan funds to make short-term, fixed-
        interest rate loans to proprietors of historic country stores.
    (b) Applications.--
            (1) In general.--To be eligible for a loan under this 
        section, an eligible applicant shall submit to the Secretary a 
        complete application for a loan that addresses the criteria 
        described in paragraph (2).
            (2) Considerations for approval or disapproval.--In 
        determining whether to approve or disapprove an application for 
        a loan submitted under paragraph (1), the Secretary shall 
        consider--
                    (A) the demonstrated need for the purchase, 
                construction, reconstruction, or renovation of the 
                historic country store based on the condition of the 
                historic country store;
                    (B) the age of the historic country store;
                    (C) the extent to which the project to purchase, 
                rehabilitate, or repair the historic country store 
                includes collaboration among historic country store 
                proprietors and other eligible applicants; and
                    (D) any other criteria that the Secretary 
                determines to be appropriate.
    (c) Requirements.--An eligible applicant that receives a loan for a 
project under this section shall comply with all applicable standards 
for historic preservation projects under Federal, State, and local law.
    (d) Report.--Not later than 1 year after the date on which the Fund 
is established under subsection (a), and every 2 years thereafter, the 
Secretary shall submit to the Committee on Environment and Public Works 
of the Senate and the Committee on Transportation and Infrastructure of 
the House of Representatives a report that--
            (1) identifies--
                    (A) the number of loans provided under this 
                section;
                    (B) the repayment rate of the loans; and
                    (C) the default rate of the loans; and
            (2) includes any other information that the Secretary 
        determines to be appropriate.

SEC. 7. PERFORMANCE REPORT.

    Any eligible applicant that receives financial assistance under 
this Act shall, for each fiscal year for which the eligible applicant 
receives the financial assistance, submit to the Secretary a 
performance report that--
            (1) describes--
                    (A) the allocation of the amount of financial 
                assistance received under this Act;
                    (B) the economic benefit of the financial 
                assistance, including a description of--
                            (i) the number of jobs retained or created; 
                        and
                            (ii) the tax revenues generated; and
            (2) addresses any other reporting requirements established 
        by the Secretary.

SEC. 8. AUTHORIZATION OF APPROPRIATIONS.

    (a) In General.--There is authorized to be appropriated to carry 
out this Act, $50,000,000 for the period of fiscal years 2006 through 
2011, to remain available until expended.
    (b) Country Store Alliance Pilot Project.--Of the amount made 
available under subsection (a), not less than $250,000 shall be made 
available to carry out section 4(c).
National Historic Country Store Preservation and Revitalization Act of 2006 - Directs the Secretary of Commerce to establish a historic country store preservation and revitalization program to: (1) collect and disseminate information on country stores; (2) promote State and regional partnerships among proprietors of historic country stores; and (3) sponsor and conduct research on the economic impact of historic country stores in rural areas, best practices to improve profitability and protect such stores from foreclosure or seizure, and best practices for developing cooperative organizations that address economic and historic preservation needs of historic country stores and the communities served by them.

Allows the Secretary to make grants to, or enter into contracts or cooperative agreements with, an eligible applicant to carry out a project to: (1) rehabilitate or repair a historic country store; (2) enhance the economic benefit of the historic country store to the communities served; (3) identify, document, and conduct research on historic country stores; and (4) develop and evaluate appropriate techniques or best practices for protecting historic country stores.

Directs the Secretary to carry out a pilot project in Vermont under which the Secretary shall conduct demonstration activities to preserve historic country stores and the communities served.

Authorizes the Secretary, using amounts in the Fund, to make direct loans to eligible applicants for projects to purchase, rehabilitate, or repair historic country stores or to establish microloan funds to make short-term, fixed-interest rate loans to proprietors of such stores.
A bill to establish a national historic country store preservation and revitalization program.