U.S. Rep. Bill Pascrell, Jr. (D-NJ-8) today announced the introduction of bipartisan legislation he sponsored that will make it easier for communities to develop the facilities they need, and create jobs through the development projects.
"Most communities are slashing their budgets in the face of these austere times. That is why I am proud to sponsor this legislation in order to help communities build facilities such as healthcare facilities, schools and other vital projects that might otherwise remain out of reach," said Pascrell, a member of the House Ways and Means Committee. "By encouraging this kind of development, we not only improve our communities but we also keep Americans working."
The Community Development Financing Act of 2010, H.R. 5311, amends the federal tax code to make permanent a provision that allows municipal bonds guaranteed Federal Home Loan Banks to be tax exempt. Without this legislation, the provision would expire on Dec. 31, 2010.
The legislation will also allow Federal Home Loan Banks to continue to serve small issuers of tax-exempt bonds that are usually ignored by larger credit providers, as well as lower the cost of tax-exempt bonds.
The legislation is also backed by Rep. Charles Boustany (R-LA-7) and Rep. Paul Kanjorski (D-PA-11).