Page:United States Statutes at Large Volume 106 Part 5.djvu/221

 PUBLIC LAW 102-550—OCT. 28, 1992 106 STAT. 3859 system and computer mapping tool developed pursuant to subsection (b). (2) LIMITATIONS.— The Secretary may not make more than one grant under this subsection to any single State. The Secretary may not make a grant under this subsection to any single State in an amount exceeding $1,000,000. (3) APPLICATION A]^D SELECTION. —The Secretary shall provide for the form and manner of applications for grants under this subsection. The Secretary shall establish criteria for the selection of States which have submitted applications to receive grants under this section and shall select recipients according to such criteria, which shall give priority to States havine, on a long-term basis (as determined by the Secretary), levels of unemployment above the national average level. (e) STATE COORDINATION OF LOCAL NEEDS. — Each State that receives a grant under subsection (d) shall annually submit to the Secretary a report containing a summary of the priority nonhousing community development needs within the State. (1) REPORTS BY SECRETARY. — The Secretary shall annually submit to the Committees on Banking, Finance and Urban Affairs of the House of Representatives and Banking, Housing, and Urban Affairs of the Senate, a report containing a summary of the information submitted for the year by States pursuant to subsection (e), which shall describe the priority nonhousing community development needs within such States. (g) AUTHORIZATION OF APPROPRIATIONS.— There are authorized to be appropriated for each of the fiscal years 1993 and 1994, $10,000,000 to carry out the program established under this section. SEC. 858. COMMUNTIY INVESTMENT CORPORATION DEMONSTRATION. (a) SHORT TITLE.— This section may be cited as the "Community Investment Corporation Demonstration Act". (b) COMMUNITY INVESTMENT CORPORATION DEMONSTRATION. — (1) FINDINGS.—The Congress finds that^ (A) the Nation's urban and rural communities face critical social and economic problems arising from lack of growth; growing numbers of low-income persons and persons living in poverty; lack of employment and other opportunities to improve the quality of life of these residents; and lack of capital for business located in, or seeking to locate in these communities; (B) the future well-being of the United States and its residents depends on the restoration and maintenance of viable local economies, and will require increased public and private investment in low-income housing, business development, and economic and community development activities, and technical assistance to local organizations carrying out revitalization strategies; (C) lack of expertise and technical capacity can significantly limit the ability of residents and local institutions to effectively carry out revitalization strategies; (D) the Federal Government needs to develop new models for facilitating local revitalization activities; (E) indigenous community-based financial institutions play a significant role in identifying and responding to community needs; and Community Investment Corporation Demonstration Act. 42 USC 5305 note.

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