Sec. 2. Neighborhood revitalization grants
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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. 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) ).
Grants under this section may be made only on a competitive basis in accordance with competition guidelines, which shall be established by the Corporation. 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).
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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