Menendez, Booker Put Focus on Economic Development in Federal Budget

Menendez, Booker Put Focus on Economic Development in Federal Budget


NEWARK, NJ –  U.S. Senator Bob Menendez led two letters, signed by Senator Cory Booker, to Senate Appropriations Committee leaders requesting that the upcoming federal budget include investment in the Choice Neighborhoods program and the Community Development Financial Institutions Fund to help empower distressed communities, create jobs, boost economic opportunity and revitalize entire neighborhoods across New Jersey and the nation.


“Combining the resources of the federal government with the vision of the local community is the best way to achieve our shared goals of building sustainable communities for residents at all income levels,” said Sen. Menendez. “These programs have a real record of achievement and this funding will go a long way towards helping revitalize more neighborhoods that have fallen on hard economic times, and create a brighter future for more New Jerseyans.   I’m proud to be joined by my colleagues in making it clear that the federal government’s commitment to community development efforts must be reflected in our budget proposals.”
 
"It’s critical for us to support federal programs like these that help lift up some of our most undeserved communities while creating pathways of opportunities for all New Jerseyans,” said Sen. Booker.  “As a former mayor, I have seen firsthand the impact successful federal programs like these have on addressing some of the most pressing needs in our state. This funding will help strengthen our communities, support revitalization efforts and expand economic opportunities for all."
 

Choice Neighborhoods – Sen. Menendez led a letter signed by Sen. Booker and 15 colleagues to the Chair and Ranking Member of the Appropriations Subcommittee on Transportation, Housing and Urban Development requesting $200 million in funding for the Choice Neighborhoods Initiative which supports locally-driven strategies to revitalize struggling neighborhoods. The program is designed to leverage private sector resources in order to build on neighborhood assets and address challenges including vacant property, housing, services, and schools.  As Ranking Member of the Senate Banking, Housing and Urban Affairs Subcommittee on Housing, Transportation and Community Development, Menendez has led the effort in Congress to make sure the Choice Neighborhoods program is properly funded, and has also authored legislation to authorize and expand the program.  Click here for letter.

Community Development Financial Institutions (CDFI) Fund – Sen. Menendez led a letter signed by Sen. Booker and 25 colleagues to the Chair and Ranking Member of the Appropriations Subcommittee on Financial Services and General Government requesting $245.9 million for the CDFI Fund to promote community development in distressed neighborhoods.  CDFIs provide financial products and services in underserved communities across the country and in New Jersey. Senator Menendez has also authored the CDFI Bond Guarantee Program, the most potentially transformative federal initiative benefiting the CDFI industry since the creation of the CDFI Fund in 1994.  Click here for letter.

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