[CircleUp] Economic Stimulus Legislation Taking Shape: Draft Includes Investments in Community Economic Development & Housing

[Stewart Sarkozy]

Please forward and keep involved in moving the Native piece(s) of this
forward with your congressional leaders!

 

 

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Economic Stimulus Legislation Taking Shape

<http://capwiz.com/idanetwork/utr/1/GRWLJPRKER/DRKTJPSZWI/2791459091> 

Take Action!
<http://capwiz.com/idanetwork/utr/1/GRWLJPRKER/DRKTJPSZWI/2791459091> 

Draft Proposals Invests in Low-Income Individuals & Communities

 

The House of Representatives Appropriations Committee Chairman's
<http://capwiz.com/idanetwork/utr/1/GRWLJPRKER/BWXNJPSZWJ/2791459091>
draft legislation
<http://capwiz.com/idanetwork/utr/1/GRWLJPRKER/MDAJJPSZWK/2791459091>
and the House Ways and Means Committee Chairman's draft legisation
<http://capwiz.com/idanetwork/utr/1/GRWLJPRKER/LQHZJPSZWL/2791459091>
was released on January 15.

The bill states, "in the last four months the country has lost 2 million
jobs and we are expected to lose another 3 to 5 million in the next
year."  Appropriators rely upon a number of traditional community
economic development, housing and economic development programs to blunt
the impact of a declining economy.

The nearly $850 billion economic stimulus is expected to include $550
billion in domestic spending and $300 billion in tax cuts.  If enacted,
the bill could include numerous opportunities for low-income families
and communities:


Community development

*	Make Work Pay tax credit of $500 for individuals and $1,000 for
couples including self-employed individuals
*	Expands the EITC
*	Refundable college education credit of $2,500
*	Community Development Fund ($1 billion)
*	Community Stabilization competitive grant process for nonprofits
and local governments ($3.4 billion)
*	Community Services Block Grant ($1 billion)
*	Americorps ($160 milion)

 Economic development

*	Economic Development Administration ($250 million)
*	Rural community facilities direct loans ($1.1 billion) and
grants ($137 million)
*	Workforce Investment Act ($4 billion including Summer Jobs for
Youth ($1.2 billion) and YouthBuild ($50 billion)
*	Rural business and industry guaranteed loans ($2 billion)

 Housing

*	Repeal the repayment provision for the $7,500 homeownership
credit
*	502 rural housing loans ($22 billion)
*	Weatherization including $10,000 subsidies for 100,000 pre-1976
manufactured home units ($6.2 billion)
*	Low Income Housing Energy Assistance ($1 billion)
*	Public Housing Capital Fund ($5 billion)

*	Native American Housing Block grants ($500 million)

*	HOME ($1.5 billion)

Participation for Low-Income Families & Communities
<http://capwiz.com/idanetwork/utr/1/GRWLJPRKER/OSYMJPSZWM/2791459091> 


Advocates for asset-building, affordable and attractive manufactured
housing, community economic development, and low-income advocates should
plan to ensure their communities participate.

Make plans now to have "shovel ready projects." The bill sets goals
<http://capwiz.com/idanetwork/utr/1/GRWLJPRKER/LXHRJPSZWN/2791459091> to
use funds quickly including: 

*	At least 50% of the funds should be for activities that can be
initiatived no later than 120 days after passage
*	Formula grants will be awarded no later than 30 days and 
*	Competitive grants should be awarded not later than 90 days
after enactment.

Next Steps

There will be numerous steps before the bill is passed.  The appropriate
committees in the House and Senate need to finalize and enact their
legislation before sending it to the full floor of both bodies for
passage, reconcilliation and a Presidential signature.  Legislative
leaders hope to have the final bill passed by mid-February.

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