7 USC 2009bb2 - Economic and community development grants

(a) In general 
The Authority may approve grants to States, Indian tribes, local governments, and public and nonprofit organizations for projects, approved in accordance with section 2009bb–8 of this title
(1) to assist the region in obtaining the job training, employment-related education, and business development (with an emphasis on entrepreneurship) that are needed to build and maintain strong local economies;
(2) to develop the transportation, renewable energy transmission, and telecommunication infrastructure of the region for the purpose of facilitating economic development in the region (except that grants for this purpose may be made only to States, Indian tribes, local governments, and nonprofit organizations);
(3) to provide assistance to severely distressed and underdeveloped areas that lack financial resources for improving basic public services;

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(4) to provide assistance to severely distressed and underdeveloped areas that lack financial resources for equipping industrial parks and related facilities; and
(5) to otherwise achieve the purposes of this subchapter.
(b) Funding 

(1) In general 
Funds for grants under subsection (a) of this section may be provided
(A) entirely from appropriations to carry out this section;
(B) in combination with funds available under another Federal grant program; or
(C) from any other source.
(2) Priority of funding 
To best build the foundations for long-term economic development and to complement other Federal, State, and tribal resources in the region, Federal funds available under this subchapter shall be focused on the following activities:
(A) Basic public infrastructure in distressed counties and isolated areas of distress.
(B) Transportation and telecommunication infrastructure for the purpose of facilitating economic development in the region.

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(C) Business development, with emphasis on entrepreneurship.
(D) Job training or employment-related education, with emphasis on use of existing public educational institutions located in the region.