Renewal Community/Empowerment Zone/Enterprise Community (RC/EZ/EC) Initiative
The HUD
Initiative for Renewal Communities, Empowerment Zones and Enterprise
Communities (RC/EZ/EC) provides federal grants, tax incentives, and
partnerships with government, for-profit and non-profit entities to promote job
creation and economic development in developing communities.
In
December 2001, HUD designated 40 Renewal Communities and 8 Round III Urban Empowerment
Zones. These 48 new designees will revitalize their communities using a business
tax incentive package valued at $22 billion nationwide. HUD has used two
previous rounds of designation, in 1994 and 1999, to give EZ status to
communities in 23 cities throughout the country. These EZs have used federal,
state, local and private funding as well as business tax credits to provide
housing, health care, education, and new infrastructure throughout their
distressed communities.
Leveraging
funds from various public as well as private sources is an integral element of
the Renewal Community, Empowerment Zone and Enterprise Community Initiative. HUD
encourages designees through this Initiative to use allocated funds as seed
money to help leverage additional money for revitalization purposes.
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Funding Category: |
Federal
grants and tax incentive package to promote job creation and economic
development in developing communities. |
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Target Population: |
Residents
of distressed urban and rural communities designated as Renewal Communities
and Empowerment Zones. |
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Funding Available: |
The
business tax incentive package is valued at $22 billion nationwide. |
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Application Information: |
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Contact: |
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Links To More Info: |
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Administering Agency: |
http://www.hud.gov/offices/cpd/ezec/contact/index.cfm