Section 1 Short title
This Act may be cited as the “Commercial Real Estate and Economic Development Act of 2015” or the “CREED Act of 2015”.
Commercial Real Estate and Economic Development Act of 2015
A BILL
To extend the low-interest refinancing provisions under the Local Development Business Loan Program of the Small Business Administration, and for other purposes.
Sec. 2 Restoration of low-interest refinancing under the local development business loan program
Repeal and restoration— Subsection (b) of section 1122 of the Small Business Jobs Act of 2010 (15 U.S.C. 696 note) is repealed, and the provision of law struck by such subsection, and any regulations promulgated pursuant to such sections, as were in effect on September 26, 2012, are restored and revived.
Effective date— Effective 5 years after the date of enactment of this Act, section 502(7) of the Small Business Investment Act of 1958 (15 U.S.C. 696(7)) is amended by striking subparagraph (C).
Sec. 3 Rule of construction
The amendments made by section 2 may not be construed as an authorization of appropriations for the purpose of carrying out such amendments or the loan program established under section 502 of the Small Business Investment Act of 1958 (15 U.S.C. 696).