House Approves EDA Revolving Loan Fund Reform Language

Posted on: May 27th, 2016 by NADO Admin

This week, the House approved by voice vote the bipartisan Public Buildings Reform and Savings Act of 2016 (https://www NULL.congress NULL.pdf) (H.R. 4487).  The bill includes language that authorizes the U.S. Economic Development Administration (EDA) to release the federal government’s interest in connection with a grant not less than seven years after final disbursement of the grant.  Currently, grant recipients are required to comply with extensive federal reporting and audit requirements forever, even if those funds were first capitalized in the 1970s.  This reform is strongly supported by NADO because it will end burdensome and costly reporting requirements placed on local grant recipients.

H.R. 4487 was approved under suspension of the rules which is a procedure reserved for non-controversial legislation.  The focus now turns to the Senate where the most straightforward and ideal approach would be for the Senate to take up the House-passed bill with no changes.  NADO will continue to monitor developments on this legislation and keep members informed of action taken.

Click here (http://www NULL.nado NULL.pdf) to view a summary of H.R. 4487 and here (https://www NULL.congress to view the full bill text.

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