New Urban Agenda Act of 1997

TABLE OF CONTENTS:

Title I: Federal Commitment to Urban Economic Development

Title II: Tax Incentives to Stimulate Urban Economic

Development

Title III: Community-Based Housing Development

Title IV: Response to Urban Environmental Challenges

New Urban Agenda Act of 1997 - 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 each 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 in the form of credits 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.

(Sec. 206) Makes 75 percent of a qualified residential project bond exempt from State agency volume caps for the issuance of tax-exempt private activity bonds.

(Sec. 207) Increases the amount and duration of the targeted jobs tax credit to 50 (currently 40) percent of the qualifying wages earned for the first three years (currently, only for the first year) of the employment.

(Sec. 208) Excludes from gross income any qualified capital gain recognized on the sale or exchange of a qualified zone asset (stock, property, or partnership interest that was part of an enterprise zone business) held more than three years. Provides for the tax treatment of pass-thru entities and sales and exchanges of interests in partnerships and S corporations which are qualified zone businesses.

Title III: Community-Based Housing Development - Directs the Secretary of Housing and Urban Development to study and 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 and on the possibility of administering future programs through such a system. Requires the Comptroller General to report to the Congress with an analysis of such report and recommendations.

(Sec. 302) Provides, subject to the approval of both the unit of general local government and the local public housing agency, 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 IV: Response to Urban Environmental Challenges -Amends the Comprehensive Environmental Response, Compensation, and Liability Act of 1980 to prohibit the President or any other person from bringing an enforcement action under such Act, with respect to a facility located in an urban area that is not listed on the National Priorities List, against a person that has fulfilled all requirements under State and local law to conduct environmental response actions at such facility.

(Sec. 402) Directs the Administrator of the Environmental Protection Agency to maintain the brownfield program (a program for the expansion or redevelopment of abandoned or underused commercial or industrial property at which a hazardous substance may be present) established by the Administrator before the enactment of this section. Limits to $200,000 the maximum grant to any single brownfield facility. Authorizes appropriations for such program for FY 1998 through 2000 out of the Hazardous Substance Superfund.