The Economic Development Administration (EDA) issues this proposed rule to update the regulations implementing the Public Works and Economic Development Act of 1965, as amended (PWEDA). In particular, EDA is proposing important changes to the regulations governing the Revolving Loan Fund (RLF) program that are intended to reflect current best practices and strengthen EDA's efforts to evaluate, monitor, and improve RLF performance by establishing a risk-based management framework to evaluate and manage the RLF program. EDA also proposes to reorganize the RLF regulations to improve their readability and clarify the requirements that apply to the distinct phases of an RLF award. In addition, EDA proposes specific changes to RLF requirements to make RLF awards more efficient for Recipients to administer and EDA to monitor. EDA also proposes important, but less comprehensive updates to other parts of its regulations, including revising definitions, replacing references to superseded regulations to reflect the promulgation of the Uniform Administrative Requirements, Cost Principles, and Audit Requirements (2 CFR part 200) (Uniform Guidance), streamlining the provisions that outline EDA's application process, and clarifying EDA's property management regulations.