§544i Economic Development

Summary

Each State must write a plan for local economic development projects using the Economic Opportunity Study and other information. The State must work with its counties and the Commission to make the plan. After the State’s management plan is certified and the State sends its plan, the Secretary will give $5,000,000 to each State. The money is for grants and loans that support the goals of the related program. States that give out the grants must make sure the Commission approves the projects as fitting the program goals, the State plan, and approved land-use rules. The money cannot be used to move a business from one community to another or to pay for running the grant program. Grants and loans can only be used in counties with land-use rules approved by the Commission and agreed to by the Secretary. Each State must send an annual report to the Secretary, share records when asked by the Secretary or the Commission, and reuse any repaid loan money for new grants and loans.