A bill to amend the Public Works and Economic Development Act of 1965 for the purpose of assisting local economies in regions of persistent economic underdevelopment by enabling the Federal co-chairmen of designated regional commissions to acquire Federal excess personal property and to dispose of such property to certain recipients.

Authorizes the disposal of excess Federal Government personal property by loaning to or vesting title in recipients within economic development regions, including State and local governments, tax-supported organizations, Indian tribes, and nonprofit hospitals and higher education institutions.

Requires recipients to pay care and handling costs incurred in acquiring such property.

Directs the Federal cochairmen of economic development regional commissions to account every six months for all property acquired and disposed of.