Sec. 14. Reduction of Administrative Requirements on Certain Programs
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Section 601(d)(2) of the Public Works and Economic Development Act of 1965, as amended ( 42 U.S.C. 3211 ), is amended— by striking
(2)and inserting the following: Release.— ; and by adding at the end the following: The Secretary may release, subject to terms and conditions the Secretary determines appropriate, the Federal Government’s interest in connection with a grant under section 209(d) not less than 7 years after final disbursement of the grant, if— the recipient has carried out the terms of the award in a satisfactory manner; any proceeds realized from the release of the Federal Government’s interest will be used for one or more activities that continue to carry out the economic development purposes of this Act; and the recipient shall provide adequate assurance to the Secretary that at all times after release of the Federal Government’s interest in connection with the grant, the recipient will be responsible for continued compliance with the requirements of section 602 in the same manner it was responsible prior to release of the Federal Government’s interest and that the recipient’s failure to comply shall result in the Secretary taking appropriate action, including, but not limited to, rescission of the release and recovery of the Federal share of the grant. .
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Sec. 14
Reduction of Administrative Requirements on Certain Programs
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