ACB: Press Releases

Contact:	Robert Schmermund (202) 857-3104 Jim Eberle (202) 857-3145	Jim Eberle (202) 857-3145 (work) (703) 893-2593 (home) [email protected]	For Immediate Release September 19, 2000 #00-106
E-mail: [email protected]

ACB, OTHERS JOIN IN URGING ENACTMENT OF COMMUNITY RENEWAL LEGISLATION

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WASHINGTON, D.C. — America’s Community Bankers and more than a dozen other groups have urged members of the Senate Finance Committee to favorably report the Community Renewal and New Markets Act that would help spur economic development in rural and urban communities. The Finance Committee is scheduled to mark up the legislation on Wednesday. The House has already passed companion legislation, H.R. 4923.

While supporting the entire bill, ACB focused attention on proposed increases in the low-income housing tax credit and in the state ceiling on private activity bonds. The House bill would phase in the increases through 2006 for the LIHTC and through 2007 on the activity bonds. In its letter to the Senate Finance Committee, ACB and the other groups urged “full and immediate expansion” of both programs in 2001.

“During this period of unprecedented economic prosperity, a broad spectrum of organizations and elected officials have come together in support of this bipartisan effort to utilize private sector energies to help extend prosperity to all areas of the country,” the groups said. “This is a unique opportunity that must not be lost.”

America’s Community Bankers is the national trade association committed to shaping the future of banking by being the innovative industry leader strengthening the competitive position of community banks. To learn more about ACB, visit www.AmericasCommunityBankers.com.

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