Untitled section

The Community Services Block Grant Act (42 U.S.C. 9901 et seq.) is amended— (1) in section 675C(a)— (A) in paragraph (2) by striking, subject to paragraph (3); and (B) by striking paragraph (3); and (2) in section 680(a)(2) by adding at the end the following: (F) Uses of funds Funds made available to carry out this paragraph may be used for financing construction and rehabilitation, and for loans or investments, in private business enterprises, including those owned by community development corporations. (G) Ownership of intangible property and earnings The Secretary shall establish procedures regarding the disposition of intangible assets and program income that permit such assets acquired with, and program income derived from, grants made under this paragraph, to become the sole property of the grantees after a period of not more than 12 years after the end of the grant period for any activity consistent with subsection (a)(2)(A). (H) Use of intangible assets Intangible assets in the form of loans, equity investments and other debt instruments, and program income may be used by grantees for any eligible purpose consistent with subsection (a)(2)(A)..