Public Works and Economic Development Act Amendments of 1976

Title I: Public Works and Economic Development Act Amendments - Amends the statement of purpose provisions of the Public Works and Economic Development Act of 1965 to state that assistance provided under such Act should be made available to both rural and urban areas; that such assistance be provided for economic planning; and that it be used for long-term economic rehabilitation.

Removes from title I (Grants for Public Works and Development Facilities) of such Act the restriction on financial assistance to public service or development facilities which would compete with existing private utilities.

Changes from discretionary to mandatory the authority in such title of the Secretary of Commerce to reduce the State or local matching share of supplemental grants for public works and development facilities.

Makes Community Development Corporations eligible for a reduction or waiver of the non-Federal share of a grant if they have exhausted their effective borrowing capacity.

Continues through fiscal year 1979 the authority to allocate appropriations under such title for operation of health projects funded under such title. Extends the authorization of appropriations under such title through fiscal year 1979, and requires at least 15 percent, but not more than 35 percent of such appropriations to be expended in redevelopment areas designated under such Act.

Permits increases in grants for construction under such title where construction costs increase. Sets limitations through fiscal year 1979 on appropriations for making and guaranteeing loans and paying interest on behalf of private entities under title II (Other Financial Assistance) of such Act for public works and development facilities and for the purchase or development of land and facilities for industrial or commercial usage. Permits assistance to industrial or commercial activities within redevelopment areas under such title through payment of those debts with respect to which a lien against property has been legally obtained.

Provides for interest free loans to redevelopment areas to be reloaned for economic redevelopment, and to be placed in a revolving fund for the purpose of making other loans.

Requires that every overall State economic development plan be prepared cooperatively by the State, its political subdivisions, and economic districts within the State.

Extends the authorization of appropriations through fiscal year 1979 under title III (Technical Assistance, Research, and Information) of such Act for technical assistance and economic development planning. Extends through fiscal year 1979 the authorization of appropriations for supplemental grants or loans to those authorized under titles I, II, III, and IV of such Act.

Requires the Secretary of Labor in determining the current rate of the employment to use the most recent 12 consecutive months.

Authorizes the designation of areas in which unemployment has been above the national average for the preceding 24 months as redevelopment areas. Makes eligible for such designation those areas which have experienced long-term economic deterioration.

Reduces the size of municipalities eligible to be designated as a redevelopment area from 250,000 to 25,000 population.

Extends the authorization of appropriations through fiscal year 1979 under title IV of the Public Works and Economic Development Act for specified assistance for economic development centers, for increasing the amount of grant assistance for public works and development facilities, and for assistance to Indian tribes.

Provides specified exemptions, under such Act, to the prohibition against providing financial assistance for facilities to generate, transmit, or distribute electrical energy or to produce or transmit natural gas.

Authorizes grants under title IX (Special Economic Development and Adjustment Assistance) of such Act, to eligible areas which have demonstrated long-term economic deterioration.

Adds the Jobs Opportunities Program as a stand-by measure to become operative only when unemployment reaches seven percent nationally for the preceding calendar quarter.

Provides that no area designated as a redevelopment area under such Act shall have such designation terminated or modified before September 30, 1979, unless the local governing body requests such redesignation.

Title II: Requests the President to call a White House Conference on Balanced National Growth and Economic Development within one year after enactment of this legislation.

Directs the President to establish an advisory committee to the White House Conference.