Northeast Regional Development Commission Act of 2005 - Establishes the Northeast Regional Development Commission, composed of a Federal member appointed by the President with the advice and consent of the Senate and the Governors of each State in the region covered by the Commission (economically distressed areas and counties) who elect to participate.
Requires the Commission to: (1) establish priorities and approve grants for economic development; (2) assess the region's needs and capital assets; (3) support local development districts or foster the creation of such districts; (4) encourage private investment; and (5) initiate a special resource study of the north woods of Maine.
Authorizes the Commission to give grants to States, local development districts, and public and nonprofit entities for approved projects. Lists eligible projects.
Requires each State member of the Commission to submit a development plan for the area they represent. Requires the Commission and applicable State and local development districts to encourage public participation.
Sets forth program development criteria and procedures for the approval of development plans and projects.
Provides that nothing in this Act requires any State to engage in or accept any program under this Act without the State's consent.
Requires the Commission and recipients of Federal assistance to maintain accurate and complete records and to make such records available for audit.
Directs the Commission to submit annual reports to the President and Congress.
Renders ineligible for assistance from the Commission those counties or other political subdivisions that are eligible for assistance from the Appalachian Regional Commission.