S.Amdt. 4564

SA 4564. Mr. REED submitted an amendment intended to be proposed to
amendment SA 4519 proposed by Mr. Reid (for himself, Mr. Baucus, and
Ms. Landrieu) to the bill H.R. 5297, to create the Small Business
Lending Fund Program to direct the Secretary of the Treasury to make
capital investments in eligible institutions in order to increase the
availability of credit for small businesses, to amend the Internal
Revenue Code of 1986 to provide tax incentives for small business job
creation, and for other purposes; which was ordered to lie on the
table; as follows:

On page 130 of the amendment, after line 25, insert the
following:

SEC. 1705. COMMUNITY DEVELOPMENT FUNDS.

Chapter 11 of title I of the Supplemental Appropriations
Act, 2010, is amended by striking the heading ``Community
Development Fund'' and all the matter that follows through
the ninth proviso under such heading and inserting the
following:

``community development fund

``For an additional amount for the `Community Development
Fund', for necessary

[[Page S6529]]

expenses related to disaster relief, long-term recovery, and
restoration of infrastructure, housing, and economic
revitalization in areas affected by flooding for which the
President declared a major disaster between March 29, 2010,
and May 7, 2010, which included Individual Assistance for an
entire State or not fewer than 45 counties within a State
under title IV of the Robert T. Stafford Disaster Relief and
Emergency Assistance Act of 1974, $100,000,000, to remain
available until expended, for activities authorized under
title I of the Housing and Community Development Act of 1974
(Public Law 93-383): Provided, That funds shall be awarded
directly to the State or unit of general local government at
the discretion of the Secretary: Provided further, That prior
to the obligation of funds a grantee shall submit a plan to
the Secretary detailing the proposed use of all funds,
including criteria for eligibility and how the use of these
funds will address long-term recovery and restoration of
infrastructure: Provided further, That funds provided under
this heading may be used by a State or locality as a matching
requirement, share, or contribution for any other Federal
program: Provided further, That such funds may not be used
for activities reimbursable by, or for which funds are made
available by, the Federal Emergency Management Agency or the
Army Corps of Engineers: Provided further, That funds
allocated under this heading shall not adversely affect the
amount of any formula assistance received by a State or
subdivision thereof under the Community Development Fund:
Provided further, That a State or subdivision thereof may use
up to 5 percent of its allocation for administrative costs:
Provided further, That in administering the funds under this
heading, the Secretary of Housing and Urban Development may
waive, or specify alternative requirements for, any provision
of any statute or regulation that the Secretary administers
in connection with the obligation by the Secretary or the use
by the recipient of these funds or guarantees (except for
requirements related to fair housing, nondiscrimination,
labor standards, and the environment), upon a request by a
State or subdivision thereof explaining why such waiver is
required to facilitate the use of such funds or guarantees,
if the Secretary finds that such waiver would not be
inconsistent with the overall purpose of title I of the
Housing and Community Development Act of 1974: Provided
further, That the Secretary shall publish in the Federal
Register any waiver of any statute or regulation that the
Secretary administers pursuant to title I of the Housing and
Community Development Act of 1974 no later than 5 days before
the effective date of such waiver: Provided further, That the
Secretary shall obligate to a State or subdivision thereof
not less than 50 percent of the funding provided under this
heading within 90 days after the enactment of this Act:
Provided further, That not more than 50 percent of the
funding provided under this heading shall be allocated to any
State (including units of general local government).''.
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