134 STAT. 978 PUBLIC LAW 116–192—OCT. 30, 2020 Public Law 116–192 116th Congress An Act To amend the Public Works and Economic Development Act of 1965 to provide for the release of certain Federal interests in connection with certain grants under that Act, and for other purposes. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, SECTION 1. SHORT TITLE. This Act may be cited as the ‘‘Reinvigorating Lending for the Future Act’’ or the ‘‘RLF Act’’. SEC. 2. RELEASE OF CERTAIN INTERESTS. Section 601(d)(2) of the Public Works and Economic Develop- ment Act of 1965 (42 U.S.C. 3211(d)(2)) is amended— (1) by striking the paragraph designation and heading and all that follows through ‘‘The Secretary may’’ and inserting the following: ‘‘(2) RELEASE.— ‘‘(A) IN GENERAL.—Except as provided in subparagraph (B), the Secretary may’’; and (2) by adding at the end the following: ‘‘(B) CERTAIN RELEASES.— ‘‘(i) IN GENERAL.—On written request from a recipient of a grant under section 209(d), the Secretary shall release, in accordance with this subparagraph, any Federal interest in connection with the grant, if— ‘‘(I) the request is made not less than 7 years after the final disbursement of the original grant; ‘‘(II) the recipient has complied with the terms and conditions of the grant to the satisfaction of the Secretary; ‘‘(III) any proceeds realized from the grant will be used for 1 or more activities that continue to carry out the economic development purposes of this Act; and ‘‘(IV) the recipient includes in the written request a description of how the recipient will use the proceeds of the grant in accordance with subclause (III). ‘‘(ii) DEADLINE.— ‘‘(I) IN GENERAL.—Except as provided in sub- clause (II), the Secretary shall complete all closeout actions for the grant by not later than 180 days after receipt and acceptance of the written request under clause (i). Time period. Reinvigorating Lending for the Future Act. 42 USC 3121 note. Oct. 30, 2020 [S. 4075] VerDate Sep 11 2014 14:35 Nov 03, 2020 Jkt 019139 PO 00192 Frm 00001 Fmt 6580 Sfmt 6581 E:\PUBLAW\PUBL192.116 PUBL192 dkrause on LAP5T8D0R2PROD with PUBLAWS 134 STAT. 979 PUBLIC LAW 116–192—OCT. 30, 2020 LEGISLATIVE HISTORY—S. 4075: CONGRESSIONAL RECORD, Vol. 166 (2020): Aug. 6, considered and passed Senate. Oct. 1, considered and passed House. Æ ‘‘(II) EXTENSION.—The Secretary may extend a deadline under subclause (I) by an additional 180 days if the Secretary determines the extension to be necessary. ‘‘(iii) SAVINGS PROVISION.—Section 602 shall con- tinue to apply to a project assisted with a grant under section 209(d) regardless of whether the Secretary releases a Federal interest under clause (i).’’. Approved October 30, 2020. Applicability. Determination. VerDate Sep 11 2014 14:35 Nov 03, 2020 Jkt 019139 PO 00192 Frm 00002 Fmt 6580 Sfmt 6580 E:\PUBLAW\PUBL192.116 PUBL192 dkrause on LAP5T8D0R2PROD with PUBLAWS