annual review of area eligibility

annual review of area eligibility Sec. 402. The Secretary shall conduct an annual review of nil areas designated in accordance with section 401 of this Act. and on the basis thereof shall terminate or modify the designations of such areas in accordance with objective standards which he shall prescribe by 79 Stat. 562regulation. No area previously designated shall retain its designated status unless it maintains a currently approved overall economic development program in accordance with subsection 202(b)(10). No termination of eligibility shall (1) be made without thirty days’ prior notification to the area concerned, (2) affect the validity of any application filed, or contract or undertaking entered into, with respect to such area pursuant to this Act prior to such termination, (3) prevent any such area from again being designated a redevelopment, area under section 401 of this Act if the Secretary determines it to be eligible under such section, or (4) be made in tire case of any designated area where the Secretary determines that an improvement in the unemployment rate of a designated area is primarily the result of increased employment in occupations not likely to be permanent. The Secretary shall keep the departments and agencies of the Federal Government, and interested State or local agencies, advised at all times of any changes made hereunder with respect to the classification of any area.