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OCR Page 1 of 8Anna Richter
12/15/2000 06:00:26 PM
Record Type:
Record
To:
Andrea Kane/OPD/EOP@EOP, Margy Waller/OPD/EOP@EOP, Julie T. Bosland/OPD/EOP@EOP
Christina S. Ho/OPD/EOP@EOP
CC:
Subject: FACT SHEET - PRESIDENT CLINTON'S NEW MARKETS INITIATIVE:
REVITALIZING AMERICA'S UNDERSERVED COMMUNITIES
Communications would like us to push the final budget wins documents out to key constituents we work
with. The other document will follow, but I thought you may have some groups/contacts who would be
interested in it. IGA, OPL and other depts are also pushing this out.
Forwarded by Anna Richter/OPD/EOP on 12/15/2000 05:58 PM
Stephen N. Boyd
12/15/2000 05:56:13 PM
Record Type:
Record
To:
CC:
Subject: FACT SHEET - PRESIDENT CLINTON'S NEW MARKETS INITIATIVE:
REVITALIZING AMERICA'S UNDERSERVED COMMUNITIES
PRESIDENT CLINTON'S NEW MARKETS INITIATIVE:
REVITALIZING AMERICA'S UNDERSERVED COMMUNITIES
December 14, 2000
Today, President Clinton is pleased to announce the passage of the historic new bipartisan New Markets and Community
Renewal initiative. This announcement is the outcome of the commitment President Clinton and Speaker Hastert made in
Chicago last Nov. to develop a bipartisan legislative initiative on New Markets and revitalizing impoverished communities this
year. This initiative will help encourage private sector equity investment in underserved communities throughout the country to
ensure that all Americans share in our nation's economic prosperity. The President's New Markets Initiative was originally
proposed in President Clinton and Vice-President Gore's FY 2000 budget. President Clinton has highlighted the potential of the
nation's New Markets in three separate trips across America to underserved inner city and rural communities like Newark, NJ,
Hartford, CT, the Mississippi Delta, Appalachia, and rural Arkansas, and the Pine Ridge Indian Reservation in S. Dakota.
THE KEY ELEMENTS OF THE LEGISLATION ARE:
NEW MARKETS INITIATIVES:
The New Markets Tax Credit. The credit will spur $15 billion in equity investment for business growth in low- and
moderate-income rural and urban communities throughout the United States and Puerto Rico. The credit, worth over 30 percent
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