Community Enterprise Revitalization Act of 1989

Community Enterprise Revitalization Act of 1989 - Amends the Housing and Community Development Act of 1974 with respect to the section 108 community development loan guarantee program to: (1) permit States to pledge grants as security for nonentitlement area local government obligations; (2) define "eligible public entity" to include units of general local government or Indian tribes; (3) permit guarantees for new construction loans; (4) permit repayment periods of up to ten years; (5) authorize FY 1990 through 1992 credit limits; (6) increase maximum issuer loan guarantees; (7) allocate 70 percent of guarantees for metropolitan cities and urban counties, and 30 percent for nonentitlement area local governments and Indian tribes; (8) set annual guarantee limits for a metropolitan city or an urban county at $25,000,000, and for other entities at $5,000,000; (9) provide loan guarantee priority for projects in Federal or State enterprise zones; and (10) provide training and information activities.