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Committee adopts rules, hears DCA briefing on downtown and opportunity-zone programs
Summary
The State Planning & Community Affairs committee adopted its rules and received a DCA briefing on rural zones, state and federal opportunity zones, small-business lending tools and enterprise zones. DCA offered training, maps and technical assistance to help communities apply for designations and funding.
The State Planning & Community Affairs committee opened by adopting its rules for the next two years and then heard a Department of Community Affairs (DCA) briefing on economic-development tools for communities.
Rusty Haywood, the DCA presenter, summarized a set of programs that aim to spur downtown revitalization and small-business growth, including rural zones, state and federal opportunity zones, a State Small Business Credit Initiative lending program and locally administered enterprise zones. "These credits are $2,000 a job per year for up to 5 years," Haywood said of one rural-zone incentive, noting layered credits for investors and rehabilitation as well.
