| Congressman Dale E. Kildee (D-MI) announced today that the City of Flint has been designated by the U.S. Department of Housing and Urban Development as a Renewal Community. Status as a renewal community will make Flint eligible for additional tax credits aimed at promoting business investment and hiring of Flint residents.
“I proudly stood next to President Clinton at the White House when he signed this bill into law on December 21, 2000,” said Kildee. “I fully supported this bill and was hopeful at the time that Flint would qualify for this program”.
Flint was one of 40 communities nationwide which received this designation as a renewal community. The 40 renewal communities will share a total of $17 billion in federal tax credits. HUD had previously designated Flint as an Enterprise Zone, this new designation as a Renewal Community makes it eligible for additional federal tax credits. Businesses that invest in the Flint Renewal Community Zone can take advantage of wage credits, which encourage businesses to hire local Flint residents. In addition, businesses in the Renewal Community Zone would be eligible for capital gains exclusions, tax deductions for capital and infrastructure investments, as well as environmental Brownfield cleanup costs. |
![[News from Congressman Dale Kildee]](letterhead.gif)