SOUTH-CENTRAL : Rep. Waters to Seek Aid for Inner City
Rep. Maxine Waters (D-Los Angeles) says she will introduce legislation tying $6 billion in loan guarantees for domestic urban and rural development to the $40-billion bailout package for Mexico that Congress is weighing.
“If this country has the resources to help Mexico, then we surely can afford to expand economic opportunities in our credit-starved inner cities and rural areas,” Waters said last week.
Her plan would expand the Community Development Loan Fund established last year as part of President Clinton’s Community Development Financial Institutions program. The purpose of the fund is to provide seed capital and technical assistance to community development banks and other financial institutions for grass-roots economic development. It is now funded at $400 million over four years.
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