HB 2291 Summary

• Establishes the "Historic Revitalization Act" to revitalize abandoned and vacant properties and allow for state park development in fourth-class cities with 285-320 inhabitants located in charter counties with over 950,000 residents.

• Creates a seven-member Community Revitalization Authority composed of representatives from banking, community development, clergy, schools, business, city council, and the general community to develop revitalization plans.

• Establishes the Historic Revitalization Fund and Neighborhood Scholar Fund, funded through general assembly appropriations and private/federal grants, with funds remaining at biennium's end not reverting to general revenue.

• Authorizes five percent of state tax credits for small disadvantaged communities and state loans to be used for revitalization projects.

• Provides up to $15,000 in student loan reimbursement for college graduates who commit to remain in the revitalized area for five years; program automatically sunsets six years after enactment unless reauthorized.