Neighborhood Reinvestment and Revitalization Act of 2022

[Congressional Bills 117th Congress]
[From the U.S. Government Publishing Office]
[H.R. 6516 Introduced in House (IH)]

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117th CONGRESS
  2d Session
                                H. R. 6516

To provide for the Neighborhood Reinvestment Corporation to make grants 
  to carry out neighborhood revitalization activities, and for other 
                               purposes.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                            January 28, 2022

Mrs. Bustos (for herself and Mr. Katko) introduced the following bill; 
       which was referred to the Committee on Financial Services

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                                 A BILL


 
To provide for the Neighborhood Reinvestment Corporation to make grants 
  to carry out neighborhood revitalization activities, and for other 
                               purposes.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Neighborhood Reinvestment and 
Revitalization Act of 2022''.

SEC. 2. NEIGHBORHOOD REVITALIZATION GRANTS.

    (a) 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.
    (b) 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)).
    (c) 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.
    (d) 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--
            (1) the guidelines for use of grants established pursuant 
        to subsection (b); and
            (2) the guidelines for competition for grants established 
        pursuant to subsection (c).
    (e) Authorization of Appropriations.--There is authorized to be 
appropriated to the Corporation $25,000,000 for fiscal year 2022 for 
grants under this section.
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