Sacramento Region to Receive $63.5 Million Under Recovery Zone Bond ProgramFOR IMMEDIATE RELEASE
Friday, June 12, 2009 CONTACT: Alexis Marks or Mara Lee (202) 225-7163 Sacramento Region to Receive $63.5 Million Under Recovery Zone Bond Program Congresswoman Matsui Releases Details of New Program That Will Stimulate Investment in Hard-hit Economic Recovery Zones Congresswoman Doris Matsui (CA-05) announced today that $63.5 million in new bonds will be immediately allocated to the Sacramento Region under the Recovery Zone Bonds program. Recovery Zone Bonds, created under the American Recovery and Reinvestment Act (ARRA), are targeted to areas particularly affected by significant job loss and will help the State and local governments obtain capital for much needed economic development projects. “The Recovery Zone Bonds are an essential step towards revitalizing the economic health of our communities,” said Congresswoman Matsui. “The bonds announced today will help finance improvements in infrastructure, job training and education throughout the Sacramento region that will continue to further our economic recovery and help families in hard-hit communities gain the tools necessary to get back on their feet and build a brighter future.” The Sacramento Region will receive $25,411,000 in Recovery Zone Economic Development Bonds, and $38,116,000 in Recovery Zone Facility Bonds, for a total of $63,527,000. Recovery Zone Economic Development Bonds are a type of taxable Build America Bonds that allow State and local governments to obtain lower borrowing costs through a new direct federal payment subsidy, for 45 percent of the interest, to finance a broad range of qualified economic development projects, such as job training and educational programs. Recovery Zone Facility Bonds are tax-exempt private activity bonds that can be utilized by private businesses in designated areas for a range of projects. The allocations to be released immediately for the Sacramento region will be distributed in the following amounts: City of Sacramento • $8,042,000 in Recovery Zone Economic Development Bonds • $12,063,000 in Recovery Zone Facility Bonds City of Elk Grove • $1,372,000 in Recovery Zone Economic Development Bonds • $2,059,000 in Recovery Zone Facility Bonds Sacramento County • $16,467,000 in Recovery Zone Economic Development Bonds • $24,701,000 in Recovery Zone Facility Bonds For more information on how the American Recovery and Reinvestment Act is working in Sacramento, please visit: www.matsui.house.gov/recovery ### |