Details of the New Markets / Renewal Communities Agreement

Details of the New Markets / Renewal Communities Agreement

NEW MARKETS INITIATIVES:

This proposals have been constructed with the assistance of the many Members of Congress that are listed as cosponsors below and with substantial input from the Congressional Black Caucus led by Rep. Clyburn and the Congressional Hispanic Caucus led by Rep. Roybal-Allard.

New Markets Tax Credit. The deal includes the President's New Markets Tax Credit to spur $15 billion in new private equity investment for business growth in our nation's inner cities and isolated rural communities.

America's Private Investment Companies (APICs): This HUD/SBA legislative proposal will create investment funds with minimum private capital of $25 million (which is eligible for the New Markets Tax Credit), that could then borrow twice that amount at government-guaranteed rates and spur $1.5 billion in private investment.

New Markets Venture Capital Firms (NMVC): This SBA legislative proposal would create a new class of venture capital funds that target a lower rate of return (e.g., 10%) and provide more hands-on management assistance to their small business portfolio investments.

EMPOWERMENT ZONES:

Empowerment Zones. The agreement authorizes the designation of 9 new Empowerment Zones, bringing the total number to 40 EZs, and extends the duration of the EZ designation in all 40 EZs to 2009.

RENEWAL COMMUNITIES:

Creation of Renewal Communities: These newly created Renewal Communities will be available in 40 competitively-selected communities that meet certain criteria showing economic distress in the community.

EXPANSION OF THE LOW INCOME HOUSING TAX CREDIT:

Low Income Housing Tax Credit. The deal includes the President's proposal to expand the low income housing tax credit by 40 percent, from $1.25 per capita to $1.75 per capita, and to index the credit for inflation thereafter.

ALLOWING FAITH-BASED ORGANIZATIONS TO QUALIFY FOR SUBSTANCE ABUSE FUNDS:

The provisions included in this agreement will allow faith-based organizations to qualify for substance abuse prevention and treatments funds on the same basis as other non-profit organizations.



Selection of Recent, Major Economic Policy Documents

Taking Action To Ensure The Federal Government Does Its Part To HelpCalifornia Meet Its Electricity Needs

President Clinton Announces New Public-Private Initiative to Reduce Weather-Related Air Travel Delays

RAISING STUDENT ACHIEVEMENT

President Clinton: Taking Action To Ensure The Federal Government Does Its Part To Help California Meet Its Electricity Needs

Raising Student Achievement

Clinton-Gore Administration: Modernizing America's Schools

President Clinton Challenges Corporate America To Invest In America's New Markets

Details of the New Markets / Renewal Communities Agreement

President Clinton: Helping Disadvantaged Youth

Letter on Increasing High-Skilled Workers

President Clinton Announces New Public-Private Initiative To ReduceWeather-Related Air Travel Delays

The Minimum Wage: Increasing the Reward for Work

President Clinton's State of the Union Address

The Trade and Development Act of 2000

BUDGET FRAMEWORK

The Clinton-Gore Administration FY2001 Budget

President Clinton Signs Legislation Expanding Opportunities for America's Senior Citizens

President Clinton's Radio Address: Congress' Costly Tax Cuts Will Drain the Surplus

Key Facts on the Medicare Trustees Report

The Clinton-Gore Administration: Fiscally Responsible, Targeted Tax Cuts

College Opportunity Tax Cut: Providing Tax Incentives to Make Higher Education More Affordable

G7 STATEMENT ON WORLD ECONOMY

Initiatives to Expand Access to Basic Education and Improve Childhood Development in Poor Countries

President Clinton Calls On Congress to Emphasize Fiscal Discipline and Priorities for American Families

A New Opportunity Agenda for Higher Education

The Clinton/Gore Administration: Strengthening Manufacturing for the 21st Century

President Clinton and Vice President Gore: Major New

An Historic Opportunity to Promote Global Participation in the Network Economy and Society

President Clinton and Other G-8 Leaders to Create Digital Opportunity Taskforce

Key Facts on Census Income and Poverty Report

President Clinton's Plan to Expand the Earned Income Tax Credit

Majority of G-8 Mobilizes Billions To Combat Infectious Diseases in Developing Countries

The Clinton-Gore Economic Record: Strongest Growth in Over Three Decades

THE OKINAWA G-8 SUMMIT:

Congress' Tax Cut Will Drain the Surplus

President Clinton's Radio Address: Meeting America's Energy Needs in the 21st Century

KEY FACTS ON THE MEDICARE TRUSTEES REPORT

The Clinton/Gore Administration: Taking Action to Strengthen America's Energy Security

Raising the Minimum Wage

President Clinton Directs Department of Energy to Establish A Home Heating Oil Reserve in the Northeast

President Clinton Warns Governors that Congress Risks Nation's Fiscal Discipline

Disability, Medicare, and Prescription Drugs

President Clinton Cites Florida for Medicare Prescription Drug Benefit Case Example

President Clinton: Supporting Passenger Rail for our Nation's Transportation Future

Vietnam Bilateral Trade Agreement

President Clinton: Working To Eliminate Abusive Child Labor Around the World

THE WHITE HOUSE

Making College More Affordable and Accessible for America's Families

PRESIDENT CLINTON: MODERNIZING AMERICA'S SCHOOLS FOR THE 21STCENTURY

Guidance on the Estate Tax


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