Rep. Kildee Holds Roundtable on Ways to Generate Economic Growth in Older, Industrial Cities and Towns Through Opportunity Zones
Forum Examines How New Program Can Help Communities Like Flint, Saginaw and Bay City
Congressman Dan Kildee (MI-05) hosted a forum today on Capitol Hill on how to generate new economic investment and opportunity in older, industrial cities and towns like Flint, Saginaw and Bay City. The conversation focused on the newly-enacted Opportunity Zone program, which has the potential to expand capital investment in low-income and distressed areas through tax incentives. A video of the roundtable can be found here.
The forum is part of Congressman Kildee's ongoing "The Future of America's Cities and Towns" initiative to better align local, state and federal policies with the unique challenges facing older, industrial communities. Kildee serves as the co-chair of the Congressional Urban Caucus and Vice Ranking Member of the House Financial Services Committee.
Other panelists at today's forum included Matt Josephs from the Local Initiatives Support Corporation, Aron Betru from the Milken Institute and Adam Looney from the Brookings Institution.
Congressman Dan Kildee hosts a roundtable on Capitol Hill to discuss the new federal Opportunity Zone program, which could help older, industrial cities like Flint, Saginaw and Bay City grow opportunity.
"There is a whole subset of American cities and towns that have not recovered from the Great Recession and that continue to face serious fiscal stress, the kind of pressures that threaten their sustainability and solvency," Congressman Kildee said. "The goal of Opportunity Zones is well intentioned: to help spur economic investment in places like Flint, Saginaw and Bay City. But as implementation of Opportunity Zones begins, Congress must ensure that this program supports quality redevelopment projects in communities, not just provide more tax benefits to investors."
Opportunity Zones, a new program created by Congress, provides a new avenue for investment in our fiscally stressed cities and towns. This provision gives investors preferential tax treatment on investments in areas that states have designated as qualified zones.
The Future of America's Cities and Towns is an initiative launched by Congressman Kildee to highlight the many challenges that cities and towns across the U.S. face regarding infrastructure needs, economic development, housing, blight and jobs in the modern economy. The initiative calls for a national strategy on how Congress invests in American cities and towns.
The first roundtable included Congresswoman Maxine Waters (CA-43), the Ranking Member of the House Financial Services Committee, and focused on the unique challenges facing many older, industrial cities and towns. The second roundtable focused on economic and community development financing and included Congressman Brian Higgins (NY-26), the Vice Ranking Member of the House Ways and Means Committee. The third roundtable included Congresswoman Elizabeth Esty (CT-05), the Vice Ranking Member of the Transportation and Infrastructure Committee, and focused on how Congress must make critical investments to improve America's water infrastructure system, including replacing lead pipes to protect public health. The fourth roundtable took place in East Hazel Crest, Ill. with Congresswoman Robin Kelly (IL-02) and focused on extreme austerity measures that have led to cuts in public services like police and fire.
Congressman Kildee also previously spoke at the TrustBelt conference in Des Moines, Iowa, and events hosted by the Urban Institute and the National Leagues of Cities in Washington, D.C., all on the need to focus on investing in older, industrial cities and towns.