Sec. 16. The corporation may study and develop recommendations for economic development tools for local communities in distressed areas, particularly within the city of Elkhart, the city of Gary, and the city of Indianapolis, where:
(1) the unemployment rate within the local community is greater than the state unemployment rate; or
(2) twenty percent (20%) or more of individuals residing in the local community have a household income that is equal to or less than the federal poverty level as determined by the federal Office of Management and Budget.