Development Financing Act of 1979

[AI summary unavailable — showing source text] Development Financing Act of 1979 - Title I: Area Eligibility - Directs the Secretary of Commerce to designate distressed areas as "redevelopment areas" for inclusion in various financial assistance programs for the purpose of generating and retaining private sector jobs in distressed areas, providing liquidity to financial institutions participating in the guarantee program, and enabling businesses to remain, locate, or expand in such areas. Establishes criteria for designating eligible areas on the basis of chronic economic distress, persistent unemployment for extended periods of time, substantial loss of population due to lack of employment opportunity, and loss of a major source of employment. Requires an annual review of all designated areas and termination of designation upon the determination that such area no longer satisfies the requirements. Stipulates that a termination shall not occur before the end of the third year after the area was designated. Prohibits the termination of the designation of any area before September 30, 1980, unless the local governing body of such area specifically requests such action. Title II: Development Financing - Authorizes the Secretary of…