An Act to amend the Public Works and Economic Development Act of 1965 to extend the authorizations for a 2-year period, and for other purposes.

(LATEST SUMMARY)

Authorizes appropriations for fiscal years 1975 and 1976 to programs under the Public Works and Economic Assistance Act.

Authorizes the Secretary of Commerce to aid in financing the purchase or development of land and facilities for industrial or commercial usage, including the construction of new buildings, the rehabilitation of abandoned or unoccupied buildings, and the alteration, conversion or enlargement of existing buildings by: (1) purchasing evidences of indebtedness; (2) making loans; and (3) guaranteeing loans made to private borrowers by private lending institutions up to 90 percent of the unpaid balance.

Authorizes the Secretary to make: (1) working capital loans; (2) guarantee such loans up to 90 percent of the unpaid balance; and (3) guarantee rental payment of leases for buildings and equipment up to 90 percent of remaining rental payments.

Authorizes the Secretary of Commerce to make direct grants to cities or other political subdivisions to pay up to 80 percent of the cost of economic development planning under the Act.

Authorizes $25,000,000 for each of fiscal years 1975 and 1976 to provide for assistance under the Act for Indian tribes.

Authorizes the Federal cochairman of regional commissions established under the Public Works and Economic Assistance Act to acquire excess property through the Administrator of General Services and dispose of such property to: (1) any State or political subdivision; (2) any tax-supported organization; (3) any Indian tribe or Alaskan village; (4) any tax-supported or non-profit hospital; and (5) any tax-supported or non-profit institution of higher education requiring a high school diploma for admission.

Authorizes the Secretary to make grants directly to any eligible recipient in an area which the Secretary has determined has experienced, or may reasonably be foreseen to be about to experience, a special need to meet an expected rise in unemployment, or other economic adjustment problems.

Authorizes the appropriation of not in excess of $75,000,000 for fiscal year 1975 and $100,000,000 for fiscal year 1976 to carry out the special economic development and adjustment assistance programs of this Act.