Minority Business Assistance and Community Economic Development Act

[AI summary unavailable — showing source text] Minority Business Assistance and Community Economic Development Act - States the finding of the Congress that many of our great cities and numerous rural communities are characterized by: (1) a contracting economic base; (2) substantial and persistent unemployment and underemployment; (3) deteriorated housing; (4) insufficient physical facilities to promote industrial and commercial development; and (5) a lack of resources necessary to promote business planning. Title I: Minority Business Assistance - Authorizes the Secretary of Commerce to provide financial assistance in the form of grants or grants-in-aid to individuals, partnerships, corporations, and other entities, and to States and their subdivisions and agencies thereof to assist in making management and technical assistance available to minority business enterprises. Limits such assistance to 90 percent of the total program or project cost. Title II: Community Economic Development - States that it is the purpose of this title to encourage the development of special programs by which the residents of urban and rural low-income areas may, through self-help and mobilization of the community at large, with appropriate Federal a…