Development Financing Act of 1979

[AI summary unavailable — showing source text] Development Financing Act of 1979 - States that the purposes of this Act are to generate and retain private sector employment opportunities in distressed areas through guaranteed loans, direct loans, and interest subsidies, in order to encourage and enable businesses to remain, locate, or expand in such areas, and to provide liquidity to financial institutions through guarantees of long-term loans to such businesses. Authorizes the Secretary of Commerce to: (1) make direct loans to finance projects in designated areas for up to 65 percent of project costs; (2) guarantee 100 percent of up to 90 percent of the principal amount of, and interest payments on, loans made to finance eligible projects; and (3) contract to pay interest subsidies for a period not to exceed ten years in connection with guaranteed loans. Stipulates that such assistance must be related to industrial or commercial purposes which will generate or retain private sector employment. Directs the Secretary to establish criteria for the selection of projects for assistance. Sets forth factors to be considered by the Secretary in deciding among applicants and conditions of assistance including, but not limited to, assur…