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HUD No. 97-128
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In the Washington, DC area: 202/708-1420Tuesday
Or contact your local HUD officeJuly 29, 1997
Cuomo Says Tax Agreement Good News for America's Cities <!--END_TITLE--> <!--TEMPLATE--> pressrel.tmp <!--END_TEMPLATE--> <!--LINK_CELL_AREA--> <!--END_LINK_CELL_AREA--> <!--CONTENT_AREA--> <head> <title>Cuomo Says Tax Agreement Good News for America's Cities

CUOMO SAYS TAX AGREEMENT GOOD NEWS FOR AMERICA'S CITIES

WASHINGTON -- Housing Secretary Andrew Cuomo said today that America's cities are winners under a tax agreement negotiated by the Clinton Administration and Congress.

"President Clinton has won a victory for millions of American families living in our cities," Cuomo said. "The President will now be able to continue his work of revitalizing our cities and preserving affordable housing."

Cuomo said the tax agreement will:

  • Create a second round of Empowerment Zones -- 15 in cities and five in rural areas -- by providing new types of tax incentives proposed by the President to create jobs. "Creating jobs is the most important work we can do to help the poorest people and places in our country achieve the American Dream," Cuomo said. "Creating more Empowerment Zones creates more jobs."

  • Provide tax relief for the cleanup of brownfields -- polluted former industrial sites, many located in cities. "After they are cleaned up, the brownfields can be used as the sites for new businesses that create jobs and bring old neighborhoods once given up for dead back to life," Cuomo said.

Cuomo said the victory on the tax agreement comes in the wake of recent House and Senate votes on appropriations that increase HUD's budget by 30 percent to solve the Section 8 crisis that threatened to spark a dramatic rise in homelessness. Cuomo made solving the crisis his top priority when he took office.

The Section 8 program, under which contracts for 1.8 million affordable housing units would expire in FY 1998, subsidizes housing for low-income people, primarily disabled, elderly and families that work.

"President Clinton, the House and Senate succeeded in working together for the good of urban America," Cuomo said.

 

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