A bill to amend section 2007 of the Social Security Act to provide grant funding for additional Enterprise Communities, and for other purposes.

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Enterprise Communities Enhancement 
Act of 2001''.

SEC. 2. FUNDING ENTITLEMENT FOR ADDITIONAL ENTERPRISE COMMUNITIES.

    (a) Entitlement.--Section 2007(a)(1) of the Social Security Act (42 
U.S.C. 1397f(a)(1)) is amended by striking ``and'' at the end of 
subparagraph (A), by striking the period at the end of subparagraph (B) 
and inserting ``; and'', and by adding at the end the following:
                    ``(C) 7 grants under this section for each 
                qualified enterprise community that is in the State and 
                is designated pursuant to section 766 of the 
                Agriculture, Rural Development, Food and Drug 
                Administration, and Related Agencies Appropriations 
                Act, 1999.''.
    (b) Amount of Grants.--Section 2007(a)(2) of such Act (42 U.S.C. 
1397f(a)(2)) is amended--
            (1) by redesignating subparagraph (C) as subparagraph (D); 
        and
            (2) by inserting after subparagraph (B) the following:
                    ``(C) Additional enterprise community grants.--The 
                amount of the grant to a State under this section for 
                each qualified enterprise community referred to in 
                paragraph (1)(C) shall be $500,000, multiplied by the 
                proportion of the population of the community that 
                resides in the State.''.
    (c) Timing of Grants.--Section 2007(a)(3) of such Act (42 U.S.C. 
1397f(a)(3)) is amended by adding at the end the following:
                    ``(C) Additional qualified enterprise 
                communities.--With respect to each qualified enterprise 
                community referred to in paragraph (1)(C), the 
                Secretary shall make 1 grant under this section to the 
                State in which the community lies on the first day of 
                fiscal year 2002 and of each of the 6 succeeding fiscal 
                years.''.
    (d) Funding.--Section 2007(a)(4) of such Act (42 U.S.C. 
1397f(a)(4)) is amended--
            (1) by striking ``(4) Funding.--$1,000,000,000'' and 
        inserting the following:
            ``(4) Funding.--
                    ``(A) Original grants.--$1,000,000,000'';
            (2) by inserting ``for empowerment zones and enterprise 
        communities described in subparagraphs (A) and (B) of paragraph 
        (1)'' before the period; and
            (3) by adding after and below the end the following:
                    ``(B) Additional enterprise community grants.--
                $70,000,000 shall be made available to the Secretary 
                for grants under this section for enterprise 
                communities referred to in paragraph (1)(C).''.
    (e) Definitions.--
            (1) Qualified enterprise community.--Section 2007(f)(2)(A) 
        of such Act (42 U.S.C. 1397f(f)(2)(A)) is amended by inserting 
        ``or pursuant to section 766 of the Agriculture, Rural 
        Development, Food and Drug Administration, and Related Agencies 
        Appropriations Act, 1999'' before the semicolon.
            (2) Strategic plan.--Section 2007(f)(3) of such Act (42 
        U.S.C. 1397f(f)(3)) is amended by inserting ``or under section 
        766 of the Agriculture, Rural Development, Food and Drug 
        Administration, and Related Agencies Appropriations Act, 1999'' 
        before the period.

SEC. 3. USE OF GRANT FUNDS.

    (a) Revolving Loan Activities.--Section 2007(b) of the Social 
Security Act (42 U.S.C. 1397f(b)) is amended by adding at the end the 
following:
            ``(5) Revolving loan activities.--
                    ``(A) In general.--In order to assist disadvantaged 
                adults and youths in achieving and maintaining economic 
                self-support, a State may use amounts paid under this 
                section to fund revolving loan funds or similar 
                arrangements for the purpose of making loans to 
                residents, institutions, organizations, or businesses 
                that hire disadvantaged adults and youths.
                    ``(B) Rules for disbursement.--Amounts to be used 
                as described in subparagraph (A) shall be disbursed by 
                the Secretary, consistent with the provisions of the 
                Cash Management Improvement Act and its implementing 
                rules, regulations, and procedures issued by the 
                Secretary of the Treasury--
                            ``(i) in the case of a grant to a revolving 
                        loan fund--
                                    ``(I) pursuant to a written 
                                irrevocable grant commitment; and
                                    ``(II) at such time or times as the 
                                Secretary determines that the funds are 
                                needed to meet the purposes of such 
                                commitment; or
                            ``(ii) in the case of a grant for purposes 
                        of capitalizing an insured depository 
                        institution (as defined in section 3 of the 
                        Federal Deposit Insurance Act (12 U.S.C. 1813)) 
                        or an insured credit union (as defined in 
                        section 101 of the Federal Credit Union Act (12 
                        U.S.C. 1742)), at such time or times as the 
                        Secretary determines that funds are needed for 
                        such capitalization.''.

Summary: Enterprise Communities Enhancement Act of 2001 - Amends title XX of the Social Security Act to provide for: (1) additional State entitlements to grants for designated qualified enterprise communities, (2) funding for such grants. And (3) use of grant funds for revolving loan fund loans to residents, institutions, organizations, or businesses that hire disadvantaged adults and youths.