‘‘SEC. 908. COMPETITIVE COMMUNITIES PILOT PROGRAM.
‘‘(a) DEFINITION.—As used in this section, the term
‘eligible intermediary recipient’ means—
‘‘(1) a redevelopment area or an economic de-
velopment district established under title IV;
‘‘(2) an Indian tribe;
‘‘(3) a public-private entity sponsored by a
State or other political subdivision of a State, or by
a community division of a State;
‘‘(4) a community development corporation;
‘‘(5) a public or private not-for-profit corpora-
tion; and
‘‘(6) a consortium of recipients described in any
of paragraphs (1) through (5);
that demonstrates the financial expertise, ability, and legal
authority to provide the investment for a transaction, as
well as the ability to develop and implement an overall eco-
nomic development plan as provided in section 402.
‘‘(b) PROGRAM.—The Secretary may establish a com-
petitive communities pilot program and, in carrying out
the program, may make grants, loans, or loan guarantees
directly to or for the benefit of any eligible recipients (in-
cluding eligible intermediary recipients) for the purpose of
investing in identified business transactions that will cre-
ate opportunities for long-term employment in economi-
cally distressed communities.
‘‘(c) APPLICATIONS.—To be eligible to receive finan-
cial assistance under this section, a person or an entity
shall submit an application to the Secretary at such time,
in such manner, and containing such information as the
Secretary may require.
‘‘(d) PANEL OF EXPERTS.—The Secretary shall es-
tablish a panel of experts to review applications submitted
to the Secretary under subsection (c). The panel shall con-
sist of 7 members as follows:
‘‘(1) The Secretary (or the designee of the Sec-
retary).
‘‘(2) The Assistant Secretary for Economic De-
velopment.
‘‘(3) 1 Regional Director of the Economic De-
velopment Administration, appointed by the Sec-
retary.
‘‘(4) 1 State Economic Development Represent-
ative, appointed by the Secretary.
‘‘(5) 3 private citizens with economic develop-
ment and business expertise, appointed by the Sec-
retary.
‘‘(e) CRITERIA
FOR
SELECTION.—The Secretary
shall select recipients to receive financial assistance under
this section, based on the quality of the applications sub-
mitted and the extent to which the applications describe
activities to encompass investment initiatives that promote
public and private sector partnerships to advance the com-
petitiveness of the economy of local communities through
the creation of long-term sustainable employment opportu-
nities.
‘‘(f) DEADLINES.—
‘‘(1) ACTION ON APPLICATIONS.—In the case of
each application submitted under subsection (c) that
is received by a deadline established and published
in the Federal Register, the Secretary shall approve
or disapprove the application on or before the 60th
day after the deadline.
‘‘(2) USE OF ASSISTANCE.—Any agreement re-
lating to an amount of financial assistance under
this section that is entered into by the Secretary and
an eligible recipient under the program shall require
that the eligible recipient provide assistance to busi-
nesses using the amount on or before the 90th day
after the date of receipt of such amount or shall re-
turn any remaining portion of such amount to the
Secretary for subsequent awards under the pro-
gram.’’.
SEC. 29. SPECIAL ECONOMIC DEVELOPMENT AND ADJUST-
MENT ASSISTANCE.
Section 909 of the Public Works and Economic De-
velopment Act of 1965 (42 U.S.C. 3245) (as redesignated
by section 25(1)) is amended to read as follows:
‘‘SEC. 909. AUTHORIZATION OF APPROPRIATIONS.
‘‘(a) IN GENERAL.—There are authorized to be ap-
propriated to carry out this title $50,000,000 for each of
fiscal years 1995 through 1997. Such sums shall remain
available until expended.
‘‘(b) ADDITIONAL AMOUNTS.—In addition to the ap-
propriations authorized by subsection (a), there are au-
thorized to be appropriated to carry out this title
$120,000,000 for fiscal year 1995, and such sums as may
be necessary for each of fiscal years 1996 and 1997, to
provide assistance for activities related to closures and
realignments of military installations and for defense con-
version activities and to provide assistance in the case of
a natural disaster. Such sums shall remain available until
expended.
‘‘(c) SET-ASIDE
FOR COMPETITIVE COMMUNITIES
PILOT PROGRAM.—Of the amounts appropriated under
subsections (a) and (b), not more than $40,000,000 shall
be available for fiscal year 1995 to carry out section 908,
of which not more than $15,000,000 shall be available
from amounts appropriated under subsection (a) and not
more than $25,000,000 shall be available from amounts
appropriated under subsection (b).’’.
SEC. 30. COMPLIANCE WITH BUY AMERICAN ACT.
None of the funds made available under this title, or
any amendment made by this title, may be expended to
acquire articles, materials, or supplies, or to procure serv-
ices, in violation of the applicable provisions of sections
2 through 4 of title III of the Act of March 3, 1933 (com-
monly known as the ‘‘Buy American Act’’) (41 U.S.C.
10a–10b–1).
SEC. 31. REGULATORY RELIEF.
The Assistant Secretary for Economic Development,
acting on a petition from an entity impacted adversely by
a Federal regulation on a matter of economic development
described in the Public Works and Economic Development
Act of 1965 (42 U.S.C. 3121 et seq.), shall notify the offi-
cer who is the head of the department or agency that is-
sued and administers the regulation and suggest that the
officer waive regulations that interfere with economic de-
velopment. Nothing in this section shall be construed to
preempt the authority of the head of a department or
agency to waive regulations. Nothing in this section shall
be construed to affect the ability of the Assistant Sec-
retary for Economic Development to carry out the duties
of the Assistant Secretary, as otherwise provided by law.
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