Summary: H.R.7079 — 93rd Congress (1973-1974)All Information (Except Text)

There is one summary for H.R.7079. Bill summaries are authored by CRS.

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Introduced in House (04/16/1973)

Urban Employment Act - Provides a program to assist municipalities and businesses in urban industrial development to prevent the harmful economic consequence of industrial migration from large cities which causes a waste of the economic resources in the cities, serious unemployment in the labor force, and an erosion of the tax base of the cities.

Provides Federal Financial assistance including grants and loans directly to municipalities and to private industry to alleviate the wasteful economic disruption and less resulting from the movement of industrial firms away from the cities.

Authorizes direct grants not to exceed 25 percent of the cast of the project to any central city with a population of 100,000 or more for the purchase and development of real property within the central city to improve the economic opportunities and expansion of industrial facilities in the area and to assist in the creation of additional long-term employment opportunities.

Authorizes appropriations not to exceed $50,000,000 per fiscal year for the fiscal years ending June 30, 1973 through June 30, 1977, and states that more than 15 percent of any appropriation in any fiscal year be expended in any one State.

Authorizes loans not to exceed 90 percent of the cost of any project to assist in financing the purchase and development of real property within a municipality where financial assistance is not otherwise available from private lenders or from other Federal agencies.

Provides that no loan shall be made for a period exceeding forty years, that such loans shall bear interest at a rate not less than the rate determined by the Secretary of the Treasury, and that the annual approprations for the purpose of making and participating in loans shall not exceed $200,000,000 for the fiscal years ending June 30, l973 through June 30, l977.

Provides for urban industrial development loans to aid in the financing of any project within a central city to guarantee loans for working capital made to private borrowers by private lending institutions.

Authorizes the appropriation for this part of the Act of not to exceed $250,000,000 annually for the fiscal year ending June 30, 1973 through the fiscal year ending June 30, 1977.

Provides that no land acquired by grant, loan, or other financial assistance made under this Act shall be converted or modified from the uses orginally approved by the Secretary without his prior approval.

Provides that the Secretary is authorized to make grants, loans, and other financial assistance available to municipalities under this Act in any combination he deems necessary as long as the total amount of financial assistance does not exceed 100 percent of the total project cost.

Provides the Secretary with the necessary powers, functions, privileges and immunities to carry out this Act. Allows him to take any actions to assign or sell at public or private sale any evidence of debt held by him to extend the maturity of any loand made under this Act; to employ experts and consultants or organizations; to sue and be sued in any State or Federal district count; and to acquire in any lawful manner any property deemed necessary for this Act.

Defines the term central city for pruposes of this Act to be that governmental unit within each Standard Metropolitan Statistical Area designated as such by the Office of Management and Budget.