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[Congressional Bills 116th Congress]
[From the U.S. Government Publishing Office]
[S. 4075 Enrolled Bill (ENR)]

        S.4075

                     One Hundred Sixteenth Congress

                                 of the

                        United States of America

                          AT THE SECOND SESSION

           Begun and held at the City of Washington on Friday,
            the third day of January, two thousand and twenty

                                 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).
                    ``(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).''.

                               Speaker of the House of Representatives.

                            Vice President of the United States and    
                                               President of the Senate.
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