42 USC 3149 - Grants for economic adjustment

U.S Code last checked for updates: Apr 28, 2024

§ 3149.

Grants for economic adjustment

(a)

In general

(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.

(d)

Special provisions relating to revolving loan fund grants

(1)

In general

(2)

Efficient administration

The Secretary may—

(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).

(3)

Treatment of actions

(4)

Preservation of securities laws

(A)

Not treated as exempted securities

(B)

Preservation

(e)

Disaster mitigation

(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.)

cite as: 42 USC 3149