PUBLIC LAW 102-550—OCT. 28, 1992

106 STAT. 3859

system and computer mapping tool developed pursuant to sub-
section (b).

(2) LIMITATIONS.—The Secretary may not make more than
one grant under this subsection to any single State. The Sec-
retary may not make a grant under this subsection to any
single State in an amount exceeding $1,000,000.

(3) APPLICATION AND SELECTION.—The Secretary shall pro-
vide 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 having,
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.

(f) REPORTS BY SECRETARY.—The Secretary shall annually sub-
mit 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 informa-
tion submitted for the year by States pursuant to subsection (e),
which shall describe the priority nonhousing community develop-
ment 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. COMMUNITY 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 resi-
dents; 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 signifi-
cantly 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.