Source: http://uscode.house.gov/view.xhtml?req=(title:42%20section:3149%20edition:prelim)
Timestamp: 2019-06-26 02:07:34
Document Index: 604158947

Matched Legal Cases: ['§ 3149', '§3149', '§209', '§102', '§207', '§1217', '§5121', '§77', '§78', '§207', '§207']

[USC04] 42 USC 3149: Grants for economic adjustment
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42 USC 3149: Grants for economic adjustment Text contains those laws in effect on June 24, 2019
§3149. Grants for economic adjustment
(b) Criteria for assistance
The Secretary may provide assistance under this section only if the Secretary determines that-
(1) the project will help the area to meet a special need arising from-
(A) actual or threatened severe unemployment; or
(B) economic adjustment problems resulting from severe changes in economic conditions; and
(2) the area for which a project is to be carried out has a comprehensive economic development strategy and the project is consistent with the strategy, except that this paragraph shall not apply to planning projects.
(c) Particular community assistance
Assistance under this section may include assistance provided for activities identified by communities, the economies of which are injured by-
(1) military base closures or realignments, defense contractor reductions in force, or Department of Energy defense-related funding reductions, for help in diversifying their economies through projects to be carried out on Federal Government installations or elsewhere in the communities;
(2) disasters or emergencies, in areas with respect to which a major disaster or emergency has been declared under the Robert T. Stafford Disaster Relief and Emergency Assistance Act (42 U.S.C. 5121 et seq.), for post-disaster economic recovery;
(3) international trade, for help in economic restructuring of the communities;
(4) fishery failures, in areas with respect to which a determination that there is a commercial fishery failure has been made under section 1861a(a) of title 16; or
(5) the loss of manufacturing jobs, for reinvesting in and diversifying the economies of the communities.
(2) Efficient administration
(A) at the request of a grantee, amend and consolidate grant agreements governing revolving loan funds to provide flexibility with respect to lending areas and borrower criteria;
(B) assign or transfer assets of a revolving loan fund to third party for the purpose of liquidation, and the third party may retain assets of the fund to defray costs related to liquidation; and
(C) take such actions as are appropriate to enable revolving loan fund operators to sell or securitize loans (except that the actions may not include issuance of a Federal guaranty by the Secretary).
(Pub. L. 89–136, title II, §209, as added Pub. L. 105–393, title I, §102(a), Nov. 13, 1998, 112 Stat. 3605 ; amended Pub. L. 108–373, title II, §207, Oct. 27, 2004, 118 Stat. 1762 ; Pub. L. 115–254, div. D, §1217(a), Oct. 5, 2018, 132 Stat. 3451 .)
The Robert T. Stafford Disaster Relief and Emergency Assistance Act, referred to in subsec. (c)(2), is Pub. L. 93–288, May 22, 1974, 88 Stat. 143 , as amended, which is classified principally to chapter 68 (§5121 et seq.) of this title. For complete classification of this Act to the Code, see Short Title note set out under section 5121 of this title and Tables.
The Securities Act of 1933, referred to in subsec. (d)(4)(A), is title I of act May 27, 1933, ch. 38, 48 Stat. 74 , as amended, which is classified generally to subchapter I (§77a et seq.) of chapter 2A of Title 15, Commerce and Trade. For complete classification of this Act to the Code, see section 77a of Title 15 and Tables.
The Securities Exchange Act of 1934, referred to in subsec. (d)(4)(A), is act June 6, 1934, ch. 404, 48 Stat. 881 , as amended, which is classified principally to chapter 2B (§78a et seq.) of Title 15, Commerce and Trade. For complete classification of this Act to the Code, see section 78a of Title 15 and Tables.
2018-Subsec. (e). Pub. L. 115–254 added subsec. (e).
2004-Subsec. (c)(5). Pub. L. 108–373, §207(a), added par. (5).
Subsec. (d). Pub. L. 108–373, §207(b), added subsec. (d) and struck out heading and text of former subsec. (d). Text read as follows:
"(1) In general.-Subject to paragraph (2), an eligible recipient of a grant under this section may directly expend the grant funds or may redistribute the funds to public and private entities in the form of a grant, loan, loan guarantee, payment to reduce interest on a loan guarantee, or other appropriate assistance.
"(2) Limitation.-Under paragraph (1), an eligible recipient may not provide any grant to a private for-profit entity."