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Authorizes the Authority to approve grants for regional infrastructure development and improvement, technology development, community development and entrepreneurship, and education and workforce development. Provides funding. Authorizes the Authority to: (1) increase the Federal share to up to 90 percent of a project's total cost (to aid communities that could not otherwise meet matching funds requirements); and (2) make grants to local development districts for administrative expenses.
Directs the Authority, for purposes of grant assistance, to designate within the region distressed counties, economically strong counties, attainment counties, competitive counties, and isolated areas of distress.
Requires each affected State to submit to the Authority an annual development plan for the appropriate State area within the region.
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