Development and the Secretary of the Agriculture shall, acting jointly, designate 40 areas as Promise Zones before January 1, 2019. (2) Effective dates of designations The designation of any Promise Zone shall take effect— (A) for purposes of priority consideration in Federal grant programs and initiatives (other than this part), upon execution of the Promise Zone agreement, and (B) for purposes of this part, on January 1 of the first calendar year beginning after the date of the execution of the Promise Zone agreement. (3) Termination of designations The designation of any Promise Zone shall end on the earlier of— (A) the end of the 10-year period beginning on the date that such designation takes effect, or (B) the date of the revocation of such designation. (4) Application to certain Zones already designated In the case of any area designated as a Promise Zone by the Secretary of Housing and Urban Development and the Secretary of Agriculture before the date of the enactment of this Act, such area shall be taken into account as a Promise Zone designated under this section (notwithstanding whether any such designation has been revoked before the date of the enactment of this Act) and shall reduce the number of Promise Zones remaining to be designated under paragraph (1). (d) Limitations on designations No area may be designated under this section unless— (1) the entities nominating the area have the authority to nominate the area of designation under this section, (2) such entities provide written assurances satisfactory to the Secretary of Housing and Urban Development and the Secretary of Agriculture that the competitiveness plan described in the application under subsection (e) for such area will be implemented and that such entities will provide the Secretary of Housing and Urban Development and the Secretary of Agriculture with such data regarding the economic conditions of the area (before, during, and after the area’s period of designation as a Promise Zone) as such Secretary may require, and (3) the