Dallas and Dallas County beneficiaries of federal recovery zone bonds

by PegNews wire

Congresswoman Eddie Bernice Johnson today announced that the City of Dallas and Dallas County can access a total of $54,080,000 in low-interest financing under the Recovery Zone Bonds program. Recovery Zone Bonds enable local governments in areas particularly affected by job loss to borrow money for economic development projects.

A total of $25 billion in bond authority is available to local governments nationwide under the Recovery Zone Bonds program—$10 billion for Recovery Zone Economic Development Bonds and $15 billion for Recovery Zone Facility Bonds. The City of Dallas can access $15,282,000 and Dallas County can access $6,350,000 in Economic Development Bond financing, which can be used for projects like job training and educational programs. The City of Dallas can access $22,923,000 and Dallas County can access $9,525,000 in Facility Bond financing, which can be used for depreciable capital projects.

“Innovative strategies like the Recovery Zone Bonds program are key to our economic recovery, and I’m pleased to announce that the City of Dallas and Dallas County can now access more than $54 million in new low-interest federal loans,” Congresswoman Johnson said.

The Recovery Zone Bonds program was created by the American Recovery and Reinvestment Act, the economic recovery legislation that Congress passed and President Obama signed in February. Congresswoman Johnson was the only Member of Congress from North Texas to vote for the legislation.

Source: Congresswoman Eddie Bernice Johnson