H.R. 6516House117th Congress (2021-2023)In Committee

Neighborhood Reinvestment and Revitalization Act of 2022

AI-Generated Summary

Updated February 8, 2026 at 9:03 AM UTC

The Neighborhood Reinvestment and Revitalization Act of 2022 authorizes the Neighborhood Reinvestment Corporation to award competitive grants to its charter members for neighborhood revitalization projects, such as demolishing and rehabilitating abandoned or distressed properties. It provides $25 million for fiscal year 2022 and requires the corporation to set guidelines for how the grants are used and how they are awarded, and to report those guidelines to Congress.

Key Provisions

Grants may be awarded to the corporation’s charter members to fund demolition and rehabilitation of abandoned or distressed properties in areas with high concentrations of such properties.
Grants must be awarded on a competitive basis, following use and competition guidelines the corporation will establish.
The corporation must submit a report to Congress within 180 days after the first appropriation, detailing the grant‑use and competition guidelines.
$25 million is authorized for FY2022 to fund the grant program.

Legislative Activity

Stay on top of the latest movement without scrolling through every action

1 earlier action

HouseIntro Referral Latest Action

Referred to the House Committee on Financial Services.

Financial Services Committee

January 28, 2022

View full timeline

HouseIntro Referral

Introduced in House

January 28, 2022

HouseIntro Referral

Referred to the House Committee on Financial Services.

Financial Services Committee

January 28, 2022

Bill Text

Latest available legislative text

Reading Mode

Raw Text PDF XML

Introduced in HouseIssued January 28, 2022

117th CONGRESS

2d Session

H. R. 6516

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

A BILL

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

Short title

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

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.