New Urban Agenda Act of 1994

TABLE OF CONTENTS:

Title I: Federal Commitment to Urban Economic Development

Title II: Tax Incentives to Stimulate Urban Economic Development

Title III: Community Regulatory Relief

Title IV: Community-Based Housing Development

Title V: Response to Urban Environmental Challenges

Subtitle A: Environmental Cleanup

Subtitle B: Environmental-Economic Recovery

New Urban Agenda Act of 1994 - Title I: Federal Commitment to Urban Economic Development - Amends the Office of Federal Procurement Policy Act to require executive agencies to expend not less than 15 percent in a fiscal year for the purchase of goods from businesses located in empowerment zones, enterprise communities, or enterprise zones.

Requires agencies, to the maximum extent practicable, to purchase recycled products from businesses located in such zones.

(Sec. 102) Requires not less than 15 percent of foreign assistance provided in a fiscal year to be for the purchase of U.S. goods produced, manufactured, or assembled in such zones.

(Sec. 103) Directs the Secretary of Commerce, in designating and providing financial assistance to Manufacturing Technology Outreach Centers, to give preference to centers located in such zones.

(Sec. 104) Establishes a preference for the construction, improvement, or relocation of Federal facilities in distressed urban areas.

Title II: Tax Incentives to Stimulate Urban Economic Development - Amends the Internal Revenue Code with respect to the offset for rental real estate activities under passive activity rules to increase the rehabilitation credit under such rules.

(Sec. 202) Allows the rehabilitation investment credit to offset a portion of tentative minimum tax.

(Sec. 203) Allows the issuance of tax-exempt facility bonds for sports facilities, convention or trade show facilities, freestanding parking facilities, air or water pollution control facilities, or industrial parks. Makes termination dates on such tax-exempt bonds inapplicable to bonds issued to finance manufacturing facilities.

(Sec. 204) Increases the permitted amount of qualified small issue bonds for facilities to be used by related persons.

(Sec. 205) Provides an exception to arbitrage interest rebate provisions if 100 percent of available construction proceeds are spent for governmental purposes within three years of the issuance of the tax-exempt bonds.

Title III: Community Regulatory Relief - Provides that any requirement under a Federal statute or regulation which creates a Federal mandate shall apply to State or local government only if all funds necessary to pay the direct costs incurred by the government in conducting the activity are provided by the Federal Government for the fiscal year in which the direct cost is incurred.

Requires the Director of the Congressional Budget Office to analyze the effects of each bill or resolution on each state and local government's compliance with a Federal mandate. Requires each measure reported or considered in either House of the Congress to be accompanied by such analyses. Requires reports by the Director to the President and the Congress estimating the direct costs of such compliance for each fiscal year in which a Federal mandate will be in effect.

Title IV: Community-Based Housing Development - Amends the United States Housing Act of 1937 to increase section 8 rental subsidies.

(Sec. 402) Directs the Secretary of Housing and Urban Development to report to the Comptroller General on the feasibility of consolidating existing public and low-income housing programs into a comprehensive block grant system of Federal aid. Requires the Comptroller General to report to the Congress with an analysis of such report and recommendations.

(Sec. 403) Provides, when practicable, for the reconstruction of public housing dwelling units on the same property on which such units were demolished or disposed, and for the relocation of displaced tenants to such new units.

Title V: Response to Urban Environmental Challenges - Subtitle A: Environmental Cleanup - Amends the Comprehensive Environmental Response, Compensation, and Liability Act of 1980 to exclude local governments that are owners or operators of facilities in distressed urban areas from liability under such Act.

Requires the President to establish standards for the degree of cleanup of hazardous substances, pollutants, and contaminants released into the environment for facilities located in distressed urban areas.

Subtitle B: Environmental-Economic Recovery - Authorizes the Secretary of Energy to make no more than three loans to units of local government for distressed urban areas for the establishment of facilities to dispose of, and obtain inexpensive electrical power and steam from, solid waste. Requires a report to the Congress on the results of financing such facilities.