Opportunities Industrialization Assistance Act

Opportunities Industrialization Assistance Act - Authorizes $100,000,000 for fiscal year 1974. $150,000,000 for fiscal year 1975, and $200,000,000 for fiscal year 1976 for the purposes of this Act. Provides that appropriations not obligated in one fiscal year may be obligated in the next fiscal year and that obligated funds may be expended for two years after obligations.

Directs the Secretary of Labor to assist the States in the establishment and operation of opportunities industrialization centers designed to provide comprehensive employment services and job opportunities for low-income persons who are unemployed or underemployed. Requires assurances that residents of the area to be served participate in the planning and operation of the center and that local businessmen will be consulted as to its development and operation. Gives priority to programs in the inner-city areas with high unemployment or underemployment.

Authorizes the Secretary to establish criteria for the equitable distribution of money to the States.

Limits federal financial assistance to 90 percent of the program costs. Permits contributions in excess of this percentage if the Secretary determines that this is necessary in furtherance of the objectives of this Act.

Requires the Secretary to prescribe regulations to assure that these programs are operated in a manner designed to best fulfill the purposes of this Act.

Directs the Secretary to include, in the annual Department of Labor report, information as to activities conducted under this Act.