Invest Atlanta hosted U.S. Housing and Urban Development Secretary Shaun Donovan at its offices Tuesday for a roundtable discussion with Atlanta business leaders. As part of President Barack Obama’s call to help the nation’s middle class, HUD plans to create Promise Zones in 20 communities over the next four years.
“I’m pleased that Atlanta has a seat at the table to discuss ways to leverage federal support for our community revitalization work,” said Mayor Kasim Reed. “The Promise Zones are a key element of President Obama’s Ladders of Opportunity agenda and would be a significant boost to the city’s ongoing efforts to attract private investment, improve affordable housing, and improve educational opportunities.”
Under the Promise Zones initiative, the federal government will invest and partner with distressed urban, rural and tribal communities to create jobs, improve education and increase economic activity.
“Invest Atlanta was honored to host Secretary Donovan during his visit to Atlanta,” said Brian P. McGowan, CEO and President of Invest Atlanta. “The discussion was centered around a potential new and innovative federal program called Promise Zones designed to revitalize high-poverty neighborhoods by creating jobs and attracting private investment. We are very supportive of this initiative and offered to work with the Administration to expedite congressional approval so communities can begin using these tools to create jobs now."
The Promise Zones are also designed to give children a great economic and educational start in life by improving the neighborhoods where they live. There is an open competition among communities nationwide for federal money to rebuild the middle class.
About Invest Atlanta
Invest Atlanta is the official economic development authority for the City of Atlanta. Its purpose is to strengthen Atlanta’s economy and global competitiveness in order to create increased opportunity and prosperity for the people of Atlanta.
Chaired by the Mayor of Atlanta, and governed by a nine-member board of directors, Invest Atlanta’s programs and initiatives focus on developing and fostering public/private partnerships to create jobs, grow the economy, revitalize neighborhoods, attract investment, spur innovation, and encourage entrepreneurship. To achieve these goals, Invest Atlanta leverages the benefits of bond financing, revolving loan funds, housing financing, tax increment financing (TIF), and tax credits.
For more information, visit http://investatlanta.com.