Base Closure Community Redevelopment Act of 1994

Base Closure Community Redevelopment Act of 1994 - Amends the Defense Base Closure and Realignment Act of 1990 to direct the Secretary of Defense (Secretary), with respect to the use or transferability of any portion of a military installation closed or to be closed under such Act, to: (1) identify the buildings and property for which the Department of Defense (DOD) or another Federal department or agency has a use or will accept a transfer; (2) identify any property as surplus; (3) submit to the Secretary of Housing and Urban Development (HUD) and to the redevelopment authority for such installation information on any property identified as surplus; and (4) publish in the Federal Register and the appropriate local newspaper information on the surplus property. Requires State and local governments, representatives of the homeless, and other parties interested in the surplus property to submit to the redevelopment authority (RA) a notice of interest in such property, with certain time limits. Requires the representative of the homeless to submit with such notice specific information with respect to the proposed homeless assistance program for such property, as well as certain assessments and descriptions. Directs the RA for each installation to prepare a redevelopment plan for such installation which includes legally binding agreements concerning the use of such property to assist the homeless. Requires redevelopment plan approval by the HUD Secretary. Requires an RA, upon completion of a redevelopment plan, to submit to the Secretary and the HUD Secretary an application containing such plan. Requires the Secretaries to complete a review of the plan within 60 days after receipt, including a determination as to whether such plan meets certain requirements with respect to the homeless population in the area, the availability of existing services to meet the needs of the homeless, and the suitability of the surplus property to meet such needs. Allows for the negotiation of plan deficiencies between the RA and the HUD Secretary during such review. Requires appropriate action by the parties concerned if the HUD Secretary determines a redevelopment plan to be inappropriate, including plan revision and resubmission by the RA. Provides for transfer to the representative of the homeless or the RA of surplus property for disposal under an approved redevelopment plan. Authorizes either Secretary to postpone any deadline related to plan consideration and approval in the interest of the communities affected. Provides transition provisions applicable to installations approved for closure before the enactment of this Act. (Sec. 3) Directs the Secretary, in every year in which activities are undertaken relating to the closure or realignment of a military installation under a base closure law, to submit to the President, the Congress, and the chief executive officer of the appropriate State a report on the costs of environmental remediation and compliance activities at such installation. (Sec. 4) Amends the Internal Revenue Code to allow for the designation of 20 nominated areas as enterprise communities if such areas are affected by the closure or realignment of a military installation under a base closure law. (Sec. 5) Amends the Defense Authorization Amendments and Defense Base Closure and Realignment Act to direct the Secretary, before determining the fair market value of any real property to be transferred, to: (1) notify the RA concerned of the appraisal guidelines and procedures to be used by the Secretary; and (2) incorporate into such guidelines and procedures any recommendations of the RA that the Secretary considers appropriate. Requires determination of the fair market value by a third party chosen jointly by the Secretary and the RA when the estimated difference between the two parties exceeds the greater of 25 percent of the property's value as determined by the RA, or $500,000. Makes identical changes under the Defense Base Closure and Realignment Act of 1990. (Sec. 6) Amends the Defense Authorization Amendments and Base Closure and Realignment Act to direct the Secretary to determine the amount of reduction in pollution emissions that will result from the cessation of activities at a military installation approved for closure. Allows the Secretary to use such reduction (or allow another person or entity to use such reduction) as a credit for purposes of compliance with air quality requirements under the Clean Air Act. Makes identical changes under the Defense Base Closure and Realignment Act of 1990. (Sec. 7) Expresses the sense of the Congress that the Secretary should consider carrying out through a single entity all environmental restoration, waste management, and environmental compliance activities at a military installation approved for closure or realignment. Authorizes the Secretary to do so if feasible and appropriate. (Sec. 8) Authorizes the Secretary to reimburse in full any person or entity for any economic loss suffered as a result of the release or threatened release of any hazardous substance, pollutant, contaminant, petroleum or petroleum derivative as a result of DOD activities at any military installation closed pursuant to a base closure law. Makes such provision inapplicable to the extent that the person or entity contributed to such release or threatened release. Provides reimbursement conditions. (Sec. 9) Amends the Community Reinvestment Act of 1977 to require the appropriate Federal financial supervisory agency to assess a financial institution's record of meeting the credit needs of the community when the institution serves a community affected by the closure or realignment of a military installation under a base closure law.