Urban Employment Act

Urban Employment Act - Provides a program to assist municipalities and businesses in urban industrial development to prevent the harmful economic consequence of industrial migration from large cities which causes a waste of the economic resources in the cities, serious unemployment in the labor force, and an erosion of the tax base of the cities.

Provides Federal financial assistance including grants and loans directly to municipalities and to private industry to alleviate the wasteful economic disruption and loss resulting from the movement of industrial firms away from the cities.

Authorizes direct grants not to exceed 25 percent of the cost of the project to any central city with a population of 100,000 or more for the purchase and development of real property within the central city to improve the economic opportunities and expansion of industrial facilities in the area and to assist in the creation of additional long-term employment opportunities.

Authorizes appropriations not to exceed $50,000,000 per fiscal year for fiscal years 1975 through 1979, and states that more than 15 percent of any appropriation in any fiscal year be expended in any one State.

Authorizes loans not to exceed 90 percent of the cost of any project to assist in financing the purchase and development of real property within a municipality where financial assistance is not otherwise available from private lenders or from other Federal agencies.

Provides that no loan shall be made for a period exceeding 40 years, that such loans shall bear interest at a rate not less than the rate determined by the Secretary of the Treasury, and that the annual appropriations for the purpose of making and participating in loans shall not exceed $200,000,000 for fiscal years 1975 through 1979.

Provides for urban industrial development loans to aid in the financing of any project within a central city to guarantee loans for working capital made to private borrowers by private lending institutions.

Authorizes the appropriation for this part of the Act of not to exceed $250,000,000 annually for the fiscal years 1975 through 1979.

Provides that no land acquired by grant, loan, or other financial assistance under this Act shall be converted from the uses orginally approved by the Secretary without his prior approval.

Authorizes the Secretary to make other financial assistance available to municipalities.

Provides the Secretary with the necessary powers, functions, privileges and immunities to carry out this Act. Allows him to take any actions to assign or sell any evidence of debt held by him to extend the maturity of any loan made under this Act; to employ experts; to sue and be sued in any State or Federal district court; and to acquire property.

Defines the term "central city" for purposes of this Act.