The Department has announced the names of 40 communities around the country designated as "Renewal Communities," eligible to share in an estimated $17 billion in tax incentives to stimulate job growth, promote economic development and create affordable housing. The 2000 Community Renewal Tax Relief Act established the Renewal Community Initiative that will encourage public-private collaboration to generate economic development in these distressed communities.

"These tax incentives will help businesses grow in some of our country's most challenging communities," said Secretary Martinez. "By creating the incentives that will promote job growth and economic development, we are joining with the private sector to restore economic vitality and restore whole communities in the process."

The new Renewal Communities (RCs) will receive regulatory relief and tax breaks to help local businesses provide more jobs and promote community revitalization. The newly designated RCs are:

Alabama: Mobile; Greene-Sumter Counties; Nine-counties in Southern Alabama (Butler, Conecuh, Dallas, Hale, Lowndes, Marengo, Monroe, Perry and Wilcox). California: Los Angeles; Orange Cove; Parlier; San Diego; San Francisco. Georgia: Atlanta (Fulton-De Kalb Counties). Illinois: Chicago. Kentucky: Four counties in Eastern Kentucky (Breathitt, Lee, Wolfe and Owsley). Louisiana: 14 parishes in Northern Louisiana (Claiborne, Union, Morehouse, Webster, Lincoln, West Carroll, Bienville, Jackson, Richland, Red River, De Soto, Winn, Caldwell and Franklin); New Orleans (New Orleans and Jefferson Parishes); Ouachita Parish; 10 parishes in Central Louisiana (La Salle, Tensas, Natchitoches, Sabine, Grant, Catahoula, Vernon, Rapides, Concordia and Avoyelles). Massachusetts: Lawrence; Lowell. Michigan: Detroit; Flint. Mississippi: 13 counties in West-Central Mississippi (Adams, Attala, Claiborne, Copiah, Hinds, Holmes, Humphreys, Jefferson, Leake, Madison, Warren, Washington and Yazoo). New Jersey: Camden; Newark. New York: Buffalo-Lackawanna; Jamestown; Niagara Falls; Rochester; Schenectady. North Dakota: Turtle Mountain Band of Chippewa. Ohio: Hamilton; Youngstown. Pennsylvania: Philadelphia. South Carolina: Charleston. Tennessee: Chattanooga; Memphis. Texas: Corpus Christi; El Paso County. Washington: Yakima; Tacoma. Wisconsin: Milwaukee. Vermont: Burlington.

An estimated $6 billion in incentives are exclusively available for Renewal Communities across the country. As distressed communities, Renewal Communities will also be eligible to share in an additional $11 billion in Low-Income Housing and New Market Tax Credits.

Read the full announcement and information about tax incentives.

Read individual Renewal Community announcements.

Learn more about HUD's Renewal Communities.

According to the Census Bureau, data for 2001 released on Friday indicates record levels of homeownership. There are 73 million homeowners nationwide, more than at any time in history. Minority homeownership, at 49 percent, is also a new record.

"This Administration is poised to build upon this record year with a new focus on making it easier for Americans to have a stake in their communities and shape their neighborhoods through homeownership," said Secretary Martinez.

"The President's downpayment assistance initiative, increases in funding for housing counseling services and stronger partnerships with faith-based groups will pave the way for thousands more to achieve the dream of homeownership."

Get more information on the latest quarterly homeownership rates (www.census.gov/hhes/www/hvs.html).