104 STAT. 4402 PUBLIC LAW 101-625—NOV. 28, 1990 Regulations. Regulations. housing and the quality of housing. Based on the Secretary's analy- sis, the Secretary shall submit a new formula for the allocation of funds if the Secretary determines that the study indicates that a new formula is required to meet the purposes of title I of the Housing and Community Development Act of 1974. The Committee on Banking, Housing, and Urban Affairs of the Senate and the Committee on Banking, Finance and Urban Affairs of the House of Representatives shall hold hearings on the Secretary's recommendations not later than 60 days after receipt of the report. The study shall be completed using the data derived from the 1990 census. SEC. 921. STUDY ON TURNING DRUG ZONES INTO OPPORTUNITY ZONES. Within 90 days from the date of enactment of this Act, the Secretary of Housing and Urban Development shall conduct a study and report to the Committee on Banking, Housing, and Urban Affairs of the Senate and the Committee on Banking, Finance and Urban Affairs of the House of Representatives, on ways in which areas ravaged by drug trade, drug related crime and drug abuse may be made more attractive as investment locations for companies, including the provision of special incentives to encourage companies to invest in these areas, in order to provide economic opportunity within communities to the residents of these communities. SEC. 922. COMMUNITY DEVELOPMENT PLANS. Section 104 of the Housing and Community Development Act of 1974 (42 U.S.C. 5304) is amended by adding at the end the following new subsection: "(1) COMMUNITY DEVELOPMENT PLANS.— "(1) IN GENERAL.— Prior to the receipt in any fiscal year of a grant from the Secretary under subsection O3), (d)(l), or (d)(2)(B) of section 106, each recipient shall have prepared and submitted in accordance with this subsection and in such standardized form as the Secretary shall, by regulation, prescribe a description of its nonhousing community development needs and strategies for meeting those needs. "(2) LOCAL GOVERNMENTS. —In the case of a recipient that is a unit of general local government— "(A) prior to the submission required by paragraph (1), the recipient shall consult with adjacent units of general local government and hold one or more public hearings to obtain the views of citizens on community development needs; and "(B) the description required under paragraph (1) shall be submitted to the Secretary, the State, and any other unit of general local government within which the recipient is located, in such standardized form as the Secretary shall, by regulation, prescribe. "(3) STATES. —In the case of a recipient that is a State, the description required in paragraph (1)- — "(A) shall include only the needs and strategies to meet those needs within the State that affect more than one unit of general local government; "(B) shall include the needs and strategies to meet those needs of units of local government within the State which are eligible for a distribution under subsection (d)(2)(A) of section 106; and
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