Today, Congressman Joe Baca (D-Rialto) introduced legislation in the House of Representatives that would give non-profit agencies and Community Development Corporations (CDCs) access to funds for affordable housing projects made available through the State Small Business Credit Initiative. The Strengthening Economic Development Through Affordable Housing Act can be a vital boon to local economies in the Inland Empire, who have recently suffered from a loss of state funds due to California's elimination of local Redevelopment Agencies (RDAs).
"While our economic outlook is slowly improving, the recent elimination of local Redevelopment Agencies was a major setback to growth and stabilization in our Inland communities," said Rep. Baca. "In the wake of this loss of support from the state level, we must explore all avenues available to create jobs and spur economic growth. That's why I have introduced the Strengthening Economic Development Through Affordable Housing Act. This responsible legislation provides a much needed shot in the arm to our local economies by giving housing non-profits and CDCs access to additional funding made available at the state level."
The Strengthening Economic Development Through Affordable Housing Act amends Section 3003 of the State Small Business Credit Initiative Act of 2010 in order to make community housing development organizations eligible to receive direct funding awarded to California. The Small Business Credit Initiative fund was included as part of the larger Small Business Jobs Act, which was signed into law by the President in September of 2010. With the additional funding available through the State Small Business Credit Initiative fund, local housing and development non-profits will have easier access to start-up funds necessary to improve blighted areas and spur economic development.
"Strengthening our economy and creating new jobs here at home must be our top priority in Congress," concluded Rep. Baca. "While the loss of RDAs has hindered growth, our communities in the Inland Empire must continue to focus on increasing development and affordable housing opportunities. By opening up a new funding stream for local housing and development agencies, my bill can help to further stabilize our local economies on their path to a full recovery."