ONSHORE Act of 2024 Opportunities for Non-developed Sites to Have Opportunities to be Rehabilitated for Economic development Act of 2024
The grant program established under HB7968 is expected to significantly impact state laws related to economic development strategies. It prioritizes funding for projects that improve conditions in rural and tribal communities, or economically disadvantaged regions that face high unemployment or low income levels. By directing resources toward site readiness, such as infrastructure improvements and workforce development, the bill aims to create jobs and stimulate economic growth in these areas, thereby providing a legislative framework for state and local governments to enhance their economic strategies.
House Bill 7968, known as the 'Opportunities for Non-developed Sites to Have Opportunities to be Rehabilitated for Economic Development Act of 2024' or the 'ONSHORE Act of 2024', aims to enhance economic development across various regions, particularly in underserved areas. It amends the Public Works and Economic Development Act of 1965 to establish a new grant program that supports critical supply chain site development. The initiative encourages investments in industrial site readiness to boost manufacturing projects, particularly focusing on reshoring companies to the United States and attracting foreign investments.
Notable points of contention surrounding HB7968 may include concerns about the prioritization of grant awards and the specific criteria used to determine eligibility. While the bill promotes economic development, critics may argue that the focus on foreign direct investments could detract from supporting local businesses or that the program could inadvertently favor certain regions over others. Additionally, there might be discussions regarding the balance between federal oversight and local control in the distribution of these grants.