(a) Grants.--The department may award grants to an applicant only for publicly owned infrastructure
(b) Grant-to-loans.--The department may award grants to an applicant, which the applicant in turn shall
loan to a private company or private developer, upon terms and conditions approved
by the department, for infrastructure improvements on privately owned property located
in targeted communities. Loan and interest repayments may be retained by applicants who service targeted
communities and who demonstrate to the satisfaction of the department their capability
to successfully administer a revolving loan fund. Such applicants, upon the written approval of the department, may use the funds
received to make loans for new or different projects eligible under any department
business or infrastructure financing program within the applicant's jurisdiction. This subsection shall not take effect until the criteria for targeted communities
has been included in the annual financing strategy submitted to the General Assembly.
(c) Loans.--The department may approve loans for an applicant, private company or private developer
for privately owned infrastructure improvements on property not located in targeted
communities. Interest rates for loans will be determined by the Commonwealth. A lower interest rate for loans shall be given to businesses which locate or expand
in counties in which the lowest interest rate under the act of May 17, 1956 (1955
P.L. 1609, No. 537), 1 known as the Pennsylvania Industrial Development Authority Act, is applicable to
investments qualifying for loans under the Pennsylvania Industrial Development Authority
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