A bill to amend the Public Works and Economic Development Act of 1965, as amended.

Amends the Public Works and Economic Development Act of 1965 to extend the authorization of appropriations through FY 1983 for: (1) direct and supplementary grants for public works and development facilities; (2) development facility loans and loan guarantees; (3) the Economic Development Revolving Fund; (4) technical assistance, research and information (earmarking a specified amount of such funds for grants to States in FY 1983); and (5) special economic development and adjustment assistance.

Declares that assistance under such Act shall be provided only in redevelopment areas which: (1) the Secretary of Commerce identifies as most clearly entitled to eligibilty under the criteria set forth in this Act; (2) contain no more than 45 percent of the population of the United States; and (3) meet one of the eligibility criteria. Sets forth such eligibility criteria.