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HUD/CPD RIN: 2506-AC52 Publication ID: Spring 2020 
Title: Updates to Community Development Block Grant Program to Support Opportunity Zones (FR-6148) 
Abstract:

This rule proposes to make changes to the Community Development Block Grant (CDBG) program to allow grantees flexibility to incorporate Opportunity Zones, as authorized by Tax Cuts and Jobs Act of 2017. The proposed rule would establish mandatory financial underwriting requirements for economic development and housing loan activities, expand the regulatory definition of slum and blight to allow grantees greater flexibility in undertaking development projects, incorporate several eligibility changes not currently codified in HUD’s CDBG regulations, and modernize various provisions regarding grantee public citizen participation requirements. The proposed rule would also update HUD’s regulations so grantees can target Opportunity Zones for priority funding and streamline the consolidated planning process. The rule also proposes to allow funds to be used for targeting emerging markets, revise the criteria for national objectives in mixed-used developments, and modernize and simplify the public benefit standards for economic development activities. The updated regulations seek to strengthen timeliness measures while finding ways to incentivize high performing and entrepreneurial grantees.  Lastly, the proposed rule would update definitions and streamline reporting requirements.

 
Agency: Department of Housing and Urban Development(HUD)  Priority: Other Significant 
RIN Status: Previously published in the Unified Agenda Agenda Stage of Rulemaking: Proposed Rule Stage 
Major: No  Unfunded Mandates: No 
EO 13771 Designation: Other 
CFR Citation: 24 CFR 570 and 24 CFR 91   
Legal Authority: 12 U.S.C. 1701x    12 U.S.C. 1701-1    42 U.S.C. 3535(d)    42 U.S. C. 5301 to 5320, Pub. L 115-97   
Legal Deadline:  None
Timetable:
Action Date FR Cite
NPRM  12/00/2020 
Regulatory Flexibility Analysis Required: No  Government Levels Affected: Local, State 
Small Entities Affected: No  Federalism: No 
Included in the Regulatory Plan: No 
RIN Data Printed in the FR: No 
Agency Contact:
James Hoemann
Acting Director,Office of Block Grant Assistance
Department of Housing and Urban Development
Office of Community Planning and Development
451 Seventh Street SW,
Washington, DC 20410
Phone:202 708-3587