article: SECTION 1. SHORT TITLE. This Act may be cited as the ``Brownfields Use Invigoration Land Development Act''. SEC. 2. GRANT PROGRAM TO PROMOTE THE REDEVELOPMENT OF REMEDIATED SITES. The Small Business Act (15 U.S.C. 631 et seq.) is amended-- (1) by redesignating section 36 as section 37; and (2) by inserting after section 35 the following new section: ``SEC. 36. GRANT PROGRAM TO PROMOTE THE REDEVELOPMENT OF REMEDIATED SITES. ``(a) Definitions.--In this section, the following definitions apply: ``(1) Remediated site.--The term `remediated site' means any real property with respect to which requirements under Federal or State law for remediation of hazardous substances, pollutants, and contaminants have been completed. ``(2) Low-income geographic area.--The term ``low-income geographic area'' means-- ``(A) any population census tract (or in the case of an area that is not tracted for population census tracts, the equivalent county division, as defined by the Bureau of the Census of the Department of Commerce for purposes of defining poverty areas), if-- ``(i) the poverty rate for that census tract is not less than 20 percent; ``(ii) in the case of a tract-- ``(I) that is located within a metropolitan area, 50 percent or more of the households in that census tract have an income equal to less than 60 percent of the area median gross income; or ``(II) that is not located within a metropolitan area, the median household income for such tract does not exceed 80 percent of the statewide median household income; or ``(iii) as determined by the Administrator based on objective criteria, a substantial population of low-income individuals reside, an inadequate access to investment capital exists, or other indications of economic distress exist in that census tract; or ``(B) any area located within-- ``(i) a HUBZone (as defined in section 3(p) of the Small Business Act and the implementing regulations issued under that section); ``(ii) an urban empowerment zone or urban enterprise community (as designated by the Secretary of Housing and Urban Development); or ``(iii) a rural empowerment zone or rural enterprise community (as designated by the Secretary of Agriculture). ``(b) Establishment.--In accordance with this section, the Administrator may make grants to eligible entities to enable such entities to participate in the redevelopment of remediated sites. ``(c) Eligibility.--Each of the following entities is eligible to receive assistance under this section: ``(1) A small business concern. ``(2) A locally based organization that represents small business concerns. ``(3) A local redevelopment agency that is chartered, established, or otherwise sanctioned by a State or by a local government. ``(d) Use of Funds.--Assistance made available under this section may be used only-- ``(1) for the development of plans for the reuse of a remediated site; or ``(2) to perform marketing analyses with respect to a remediated site. ``(e) Application.--An eligible entity seeking assistance made available under this section shall submit to the Administrator an application in such form as the Administrator may require. ``(f) Selection Criteria.--In selecting entities to receive assistance under this section, the Administrator shall consider each of the following: ``(1) The ability of the entity to develop plans for the reuse of the remediated site and to perform marketing analyses with respect to the remediated site. ``(2) The extent to which the redevelopment of the remediated site proposed to be redeveloped by the entity would create jobs and other social and economic benefits to the local community and business opportunities for small business concerns. ``(3) The extent to which the entity's use of assistance will maximize the leveraging of private sector funds. ``(4) The extent to which the entity will use assistance to redevelop a remediated site located in a low-income geographic area. ``(g) Grant Amount.--Each grant award made under this section shall be of sufficient size to carry out the goals of this section, but shall not exceed $200,000. ``(h) Loss of Eligibility and Repayment.--If the Administrator determines that an entity receiving assistance made available under this section violates any condition placed on the receipt of such assistance, the Administrator-- ``(1) may make no additional assistance available to such entity under this section; and ``(2) may require the entity to repay, in whole or in part, the assistance made available to the entity under this section. ``(i) Report to Administrator.--Not later than 2 years after receiving assistance made available under this section, each eligible entity receiving such assistance shall transmit to the Administrator a report describing how the assistance was used. ``(j) Authorization of Appropriations.-- ``(1) In general.--There is authorized to be appropriated the sum of $4,000,000 for each of fiscal years 2003 through 2005. ``(2) Availability.--Funds appropriated under paragraph (1) shall remain available until expended.''. SEC. 3. INCREASED PARTICIPATION LEVEL FOR LOANS TO SMALL BUSINESSES LOCATED ON REMEDIATED SITES. Clause (i) of section 7(a)(2)(A) of the Small Business Act (15 U.S.C. 636(a)(2)(A)) shall be applied by substituting ``90 percent'' for ``75 percent'' and clause (ii) of such section shall be applied by substituting ``90 percent'' for ``85 percent'' in the case of any loan made-- (1) to a small business concern located or locating on a remediated site (as such term is defined in section 36(a)(1) of the Small Business Act (as amended by this Act)) with respect to which a grant has been made under such section; and (2) during the 5-year period beginning on the date that such grant is made. SEC. 4. FUNDING FROM DEVELOPMENT COMPANIES TO REDEVELOP REMEDIATED SITES. Section 501(d)(3) of the Small Business Investment Act of 1958 (15 U.S.C. 695(d)(3)) is amended-- (1) in subparagraph (G), by striking ``or''; (2) in subparagraph (H), by striking the period and inserting ``, or''; and (3) by inserting after subparagraph (H) the following new subparagraph: ``(I) redevelopment of remediated sites (as defined in section 36(a)(1) of the Small Business Act).''. SEC. 5. EXEMPTION FROM OUTSTANDING LEVERAGE LIMITS FOR SBIC INVESTMENTS IN REMEDIATED SITES. Paragraphs (2)(C) and (4)(D) of section 303(b) of the Small Business Investment Act of 1958 (15 U.S.C. 683(b)) are amended by-- (1) inserting ``or on a remediated site (as defined in section 36(a)(1) of the Small Business Act)'' after ``located in a low-income geographic area (as defined in section 351)''; and (2) by striking ``low-income'' in the headings of such paragraphs and inserting ``certain''.
summary: Brownfields Use Invigoration Land Development Act - Amends the Small Business Act to authorize the Administrator of the Small Business Administration (SBA) to make grants to a small business, a local organization that represents small businesses, or a local redevelopment agency chartered, established, or otherwise sanctioned by a State or local government to participate in the redevelopment of remediated sites (real property with respect to which requirements under Federal or State law for the remediation of hazardous substances, pollutants, and contaminants have been completed). Sets a maximum per-grant limit of $200,000. Increases to 90 percent of the amount of the outstanding financing the level of SBA participation in guaranteed loans made to small businesses on a deferred basis for small businesses located or locating on a remedial site.Amends the Small Business Investment Act of 1958 to: (1) authorize the SBA to provide assistance to State development companies for projects for the redevelopment of remediated sites; and (2) exempt from current outstanding leverage limits small business investment company investments in remediated sites.