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Capturing Successes in Renewal Communities and Empowerment Zones

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Capturing Successes in Renewal Communities and Empowerment Zones Capturing Successes in Renewal Communities and Empowerment Zones SpotlightSpotlight onon ResultsResults Spotlight on Results ABOUT THIS PUBLICATION About This Publication business expansion and on building strong and viable private and public partnerships as he Bush $11 billion Tax Incentives the most effective way to meet the chal­ package available to Renewal lenges of these areas. Community and Empowerment Zone businesses and $15 billion Spotlight on Results highlights many of the TNew Markets Tax Incentive Program are prov­ successes resulting from the Administration’s ing to be a viable option in fostering the efforts for achieving economic prosperity in entrepreneurial spirit in our Nation’s urban RC and EZ designated areas. Section I of this and rural areas. Spotlight on Results: Captur­ publication provides anecdotal evidence that ing Successes in Renewal Communities and tax incentives are clearly working, particularly Empowerment Zones highlights the successes for RCs and Round III EZs. These designees of the tax incentives and celebrates successful have built strong partnerships, shown an programs and projects taking place in RCs unwavering commitment to the successful and EZs that exemplify the principles of the marketing of tax incentives, and have acted Community Renewal Initiative. to remove many of barriers that tend to handicap the full utilization of the tax Spotlight on Results: Capturing Successes in incentives. Renewal Communities and Empowerment Zones provides sterling examples of the Admini- The publication also provides a balanced stration’s new approach in assisting RC/EZ portrait of the successes that Rounds I and II designated areas. President Bush believes Zones have experienced in using local and that these low-income areas are best served federal funds to promote job training, and by allowing the genius and can-do attitudes technical and financial assistance. Their sto­ of America’s entrepreneurs to take root in ries are grouped together under such themes designated areas. as “Businesses Advancing with Technical and Financial Assistance” and “Residents Fostering an environment that is both friend­ Advancing with Job Creation and Training ly to business interests and one that strongly Assistance.” These sections illustrate how supports capital investment requires a depar­ EZs have used available local and federal ture from the traditional way of meeting the resources. Furthermore, there are several challenges of RC/EZ communities. The initial notable illustrations depicting how RCs have concept was a grant approach for Round I worked with local partners to help businesses EZs and ECs coupled with a minor emphasis open and expand and to assist residents find on the promotion of tax incentives. This con­ employment and learn new job skills. cept evolved over time into an approach that strongly emphasized the importance of tax Spotlight on Results also contains additional relief for RC/EZ businesses. The Administra­ stories about community services available to tion has made the $11 billion tax incentive RC and EZ residents through: Innovative package and the $15 billion in New Markets leveraging of private and public resources for Tax Credit Program the centerpiece of its activities focusing on assistance to RC/EZ resi­ strategy for creating economic opportunities dents to obtain low-income housing; After- in low-income areas. This strategy focuses on School programs; increased access to the creation of prosperity through jobs and healthcare and childcare; and a variety of About this Publication iii ABOUT THIS PUBLICATION other services. Stories on these successes and Enterprise Communities, please call HUD’s appear in the sections under “Families Improv­ Community Connections Information Center ing with Community Services and Develop­ at (800) 998-9999. ment,” and “Families Advancing with Housing and Homeownership Assistance.” To determine whether a business is located in an RC or EZ, and whether the employees live We hope you enjoy this first volume of in these areas (allowing the business to be Spotlight on Results: Capturing Successes in eligible for a share of $11 billion in RC/EZ Renewal Communities and Empowerment tax incentives), please visit HUD’s RC/EZ Zones. We also hope that the successes out­ Address Locator on the Internet at lined in this volume encourage you, as a www.HUD.gov/crlocator. community leader or business owner in or near a RC or EZ, to take advantage of the For more information on HUD’s RCs and EZs, valuable RC/EZ incentives in your community. on the incentives available to businesses in these communities, and for maps of the To obtain additional complimentary copies of designated areas, please visit HUD’s Office this guide or other Community Renewal pub­ of Community Renewal Web site at www. lications, including the Tax Incentive Guide hud.gov/cr or call HUD’s Community for Businesses in the RCs, EZs, and ECs and Renewal Office at (202) 708-6339. For Tax Incentives + Businesses=Jobs: A Market­ more information on USDA’s rural EZ initia­ ing Primer on How to Entice Businesses to tive, please visit USDA’s Web site at www. Renewal Communities, Empowerment Zones, ezec.gov. ivSpotlight on Results he role of government is to create an environ­ ment that encourages capital flows and job cre­ “T ation through wise fiscal policy. And as a result of the tax relief we passed, the economy is growing.” Remarks from the President’s discussion on the budget and tax relief at White House Conference December 2004 he spirit of the small business owner is strong in America. Remember when you cut income tax “T rates on individuals, you’re really affecting most small businesses in America, because most small businesses are sole proprietorships or subchapter S corporations, which means they pay tax at the individual income tax rate.” Remarks by the President at Marshall Community and Technical College Huntington, West Virginia April 2004 President George W. Bush e lowered marginal tax rates and reduced multiple taxation on investment. “W As a result, 25 million small business owners saved an average of $3,000 and 26 million investors saved nearly $800 apiece. The cumulative ben­ efit is clear, both in terms of family budgets and business investment. Real after-tax income is up nearly 10 per­ cent since the end of the most recent recession, a far greater increase than we saw following the last recession.” Remarks by the Vice President at the White House Conference on the Economy December 15, 2004 Vice President Dick Cheney v his publication illuminates the successes of urban and rural communities thriving in an “T atmosphere where the federal government has lent its support to businesses and local leaders in creating an environment conducive to economic and housing opportunities. The accomplishments of the Renewal Communities and Empowerment Zones represent a mes­ sage of hope and provide a powerful stimulus for continu­ ing the aggressive promotion of the President’s $11 billion package of RC/EZ tax incentives.” Alphonso Jackson, Secretary, U.S. Department of Housing and Urban Development ecognizing the inextricable link between sound fiscal policy and creating an environ­ “R ment that inspires and nourishes America’s entrepreneurial innovative spirit, I have seen and heard over the past four years first hand from those commu­ nities that HUD has had the privilege to serve. The successes of the Renewal Communities and Empowerment Zones in marketing the tax incentives to their business community and in improving the lives of their RC/EZ residents are well reflected in this publica­ tion and demonstrate what is possible in our nation through sound tax policies, and committed public and private collaborations.” Roy A. Bernardi, Deputy Secretary, U.S. Department of Housing and Urban Development vi Spotlight on Results am pleased to present Spotlight on Results as one of my first actions as Assistant Secretary for Community “I Planning and Development. This publication’s vignettes portray the unwavering commitment and support of Federal, State, and local governments, and the citizens, business communities, and nonprofit organizations striving to create and expand housing and economic opportunities in many of our Nation’s most challenged communities through the Empowerment Zone and Renewal Community Initiatives.” Pamela H. Patenaude, Assistant Secretary, Office of Community Planning and Development potlight on Results is a testimonial to the successes occurring in our nation’s urban and rural communi­ “S ties through wise tax policies, thoughtful leveraging of public and private resources, and strong support of commu­ nity and neighborhood partnerships. The Empowerment Zones and Renewal Communities exemplify what happens when leveraging becomes a major element in a community’s long-term monetary policy. In the case of the Empowerment Zones, an estimated $245 million in HUD funds has resulted in the leveraging of $1.19 billion in cash and in-kind resources.” Nelson R. Bregón, General Deputy Assistant Secretary, Office of Community Planning and Development Introduction viivii Dear Friends: The Secretary of the Department of Housing and Urban Development established the Advisory Council on Community Renewal to report on the effectiveness of the Renewal Community (RC) and the Empowerment Zone (EZ) initiatives. Central to both the RC and EZ initiatives is the marketing of the $11 billion tax incentive package to an estimated 300,000 RC/EZ businesses. The promotion of this tax incentive package to these businesses
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