Economic Disaster Community Assistance Act

Economic Disaster Community Assistance Act - Amends the Public Works and Economic Development Act of 1965 to establish within the Department of Commerce an Office of Aid to Economic Disaster Communities, to carry out the purposes of this Act.

Authorizes the President to designate as an economic disaster community, any area, without regard to political or geographic boundaries, where: (1) the average unemployment rate for at least three consecutive months exceeds the average national unemployment rate for the preceding calendar year, (2) the current unemployment rate exceeds the national unemployment rate for the prior month and has increased by at least 100 percent within the past 12 months, or (3) the current unemployment rate is at least six percent and there are such other critical economic conditions as the President determines to warrant assistance under this Act.

Directs the appointment of Federal and State coordinating officers for areas designated economic disaster communities. Authorizes all Federal agencies to assist such areas by making available real property, personnel, equipment, and other resources. Authorizes the President, with the concurrence of the Director of the Office, to direct any Federal agency charged with the administration of a Federal grant-in-aid program to modify conditions for assistance in order to facilitate the delivery of aid to economic disaster communities.

Establishes a separate Federal Economic Recovery Fund within the Treasury. Directs the heads of Federal agencies and the Director of the Office to select existing Federal grant-in-aid and loan and loan guarantee programs to be assisted by the fund. Authorizes the allocation of fund monies for certain other purposes, including: (1) loans to individuals and businesses to enable them to meet mortgage payments, (2) unrestricted grants to States and local governments to implement local initiatives and projects designed to relieve unemployment and stimulate the economy but which are not eligible for existing grants; (3) relocation assistance for unemployed individuals and their families; (4) housing assistance; (5) unemployment assistance; (6) grants to accelerate Federal, State, or local projects; and (7) grants or loans to nonprofit organizations and loan guarantees to private profitmaking organizations for job creation and holding major employers in the area.

Stipulates that areas designated as economic disaster communities shall remain eligible for assistance under this Act for at least one year after which time benefits will be phased out if the area no longer meets eligibility criteria.