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U.S. Representative Maxine Waters Amendment Saves Economic Development Program that has Awarded $5.4 Billion to 45 States

July 20, 2009
Press Release

In a session that ran late into the evening, U.S. Rep. Maxine Waters (D-CA), Ranking Member of the House Financial Services Subcommittee on Housing and Community Opportunity, rescued an economic development program from the Appropriations chopping block.  The Congresswoman was able to garner bipartisan support to reinstate funding for the Section 108 Loan Guarantee program, which she introduced ten years ago.  During that time, the Section 108 program has awarded more than $5.4 billion to hundreds of local communities in 45 states, Puerto Rico and the District of Columbia.  The funds have been used to finance a multitude of economic development programs, housing rehabilitation, public facilities, and large-scale physical development projects that have generated numerous jobs at the local level.  

"The Section 108 program has been an essential part of jump starting economic development in local communities from Maine to California," said Rep. Waters.  "It makes little sense to handicap local communities by pulling the plug on critical financial support.  I thank my colleagues, both Republican and Democrat, for voting to preserve the Section 108 program, which will create jobs revitalize neighborhoods and towns across the nation."

The Section 108 Loan Guarantee program has helped to generate much-needed tax revenue, create jobs, and revitalizing brownfields in: Alabama, Arizona, Arkansas, California, Colorado, Connecticut, Florida, Georgia, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Michigan, Minnesota, Mississippi, Missouri, Nebraska, Nevada, New Hampshire, New Jersey, New Mexico, New York, North Carolina, Ohio, Oklahoma, Oregon, Pennsylvania, Rhode Island, South Carolina, Tennessee, Texas, Utah, Vermont, Virginia, Washington, West Virginia, Wisconsin, Wyoming, District of Columbia, and Puerto Rico.

For a copy of the communities in your state, please contact Rep. Waters' office at 202-225-2201.