Small Community Development Act

[AI summary unavailable — showing source text] Small Community Development Act - Title I: Multipurpose Community Facilities - Authorizes the Secretary of Housing and Urban Development to provide assistance to any small community or regional arrangement to aid it in the construction or rehabilitation of a multipurpose community facility. Provides that the Secretary shall guarantee the repayment in full of any sums borrowed by small communities from any source to finance the cost of the community facility and shall annually make a grant to each small community in the amount of the interest payable on these loans. Allows the Secretary to pay two-thirds of the cost of any health, recreational, or library facilities in the community building. Provides that, in the case where such a grant has been made, the Secretary shall guarantee the loans needed to pay the remainder and shall pay the interest thereon. Title II: Business District Renewal - Authorizes the Secretary to provide assistance to any local nonprofit development company in any small community to aid in the exterior rehabilitation, restoration, and beautification of small community business districts. Authorizes planning grants to cover two-thirds of the cost of planning th…