the limitation under paragraph (1) shall be increased by $500,000,000, and such increase shall be allocated as provided in paragraph (2) among qualified community development entities located in community economic assistance areas. (B) Community economic assistance area For purposes of subparagraph (A), the term community economic assistance area means an area which— (i) is a community economic assistance zone, and (ii) has a community economic development plan approved under section 6 of the Community Economic Assistance Act of 2017 . (C) Use of increase Any amount of such increase which is so allocated to such an entity shall be used only in accordance with the priorities outlined in such community economic development plan to implement the strategies and objectives under such plan described in section 6(3) of Community Economic Assistance Act of 2017 . , (4) by striking paragraph (2) in paragraph (4), as so redesignated, and inserting paragraph (2) or (3) , and (5) by striking the second sentence of paragraph (4), as so redesignated, and inserting the following: Any carryover under the preceding sentence of an amount allocated under paragraph (3) shall be allocated first among qualified community development entities located in community economic assistance areas, and may then be allocated among any qualified community development entities selected by the Secretary under paragraph (2). No amount may be carried under the preceding sentences to any calendar year after 2024. . 6. Approval of community economic development plans A community economic development plan for a region shall be considered approved under this section if each of the following criteria are satisfied: (1) The plan is submitted to the Secretary of the Treasury in such form, and containing such information, as the Secretary may require. (2) The plan contains a certification that the plan was developed and approved through a process that included participation from the following: (A) State, Indian tribal, and local governments and agencies or