Authorizes the Administrator to only make such a grant to communities: (1) whose demographics include a median per capita income no higher than $35,000 and a lack of Class 1 commercial investment; (2) that submit an application that describes the activities the community carries out, and the difficulty the community has faced, to recruit, retain and grow their economy through Class 1 commercial investment; and (3) that agree to match 10% of grant funds with certain non-federal contributions. Allows the Administrator to waive or reduce the non-federal contribution if the community involved demonstrates that it cannot meet the contribution requirement due to financial hardship.