Community Investment and Empowerment Act - Amends the Small Business Investment Act of 1958 to authorize the Administrator of the Small Business Administration (SBA) to make grants on a competitive basis to communities for:

• the creation of a grant and/or revolving loan fund program that helps develop financing packages for Class 1 commercial investment (defined as retail grocery chains, food service retailers, restaurants and franchises, retail stores, cafes, shopping malls, and other shops);
• lowering real estate property tax rates;
• conducting community-wide market analysis to help recruit and/or retain Class 1 commercial investment;
• creating employment training programs for Class 1 business customer service, sales, and managerial positions;
• retail marketing strategies to solicit new Class 1 commercial investment starts in the community;
• program allowances for activities such as the publication of marketing materials, development of economic development web pages, and educational outreach activities with retail trade associations; and
• hiring business recruitment specialists.

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.