Section 1 Short title
This Act may be cited as the “Neighborhood Reinvestment and Revitalization Act of 2022”.
Neighborhood Reinvestment and Revitalization Act of 2022
A BILL
To provide for the Neighborhood Reinvestment Corporation to make grants to carry out neighborhood revitalization activities, and for other purposes.
Sec. 2 Neighborhood revitalization grants
Authority— The Neighborhood Reinvestment Corporation (in this section referred to as the “Corporation”), established under the Neighborhood Reinvestment Corporation Act (42 U.S.C. 8101 et seq.), shall carry out a program under this section to make grants to its own charter members to support neighborhood revitalization activities, including demolition and rehabilitation of abandoned and distressed properties, to be carried out in areas having concentrations of such properties.
Use guidelines— Amounts from grants under the program under this section shall be used in accordance with guidelines established by the Corporation consistent with the authority under section 606(a)(5) of the Neighborhood Reinvestment Corporation Act (42 U.S.C. 8105(a)(5)).
Competition guidelines— Grants under this section may be made only on a competitive basis in accordance with competition guidelines, which shall be established by the Corporation.
Report to Congress— Not later than 180 days after the date that amounts are first appropriated to carry out this section, the Corporation shall submit to the Congress a report regarding the program for grants under this section that shall include—
the guidelines for use of grants established pursuant to subsection (b); and
the guidelines for competition for grants established pursuant to subsection (c).
authorization of appropriations— There is authorized to be appropriated to the Corporation $25,000,000 for fiscal year 2022 for grants under this section.