A bill to amend the Public Works and Economic Development Act of 1965 and the Appalachian Regional Development Act of 1965 to authorize the appropriation of funds to carry out such Acts for fiscal years 1986, 1987, and 1988.

Amends the Public Works and Economic Development Act of 1965 to extend through FY 1988 the authorization of appropriations in the following areas: (1) general authorization of appropriations; (2) public works and development facility loans; (3) technical assistance and economic development planning; and (4) special economic development and adjustment assistance to areas with high unemployment, economic dislocation, or long-term economic deterioration problems.

Amends the Appalachian Regional Development Act of 1965 (ARDA) to authorize appropriations through FY 1988 for: (1) the administrative expenses of the Appalachian Regional Commission; (2) the leasing of office space for the Commission; (3) the Appalachian development highway system; and (3) general implementation of ARDA.

Extends the termination date for ARDA until October 1, 1988.