On Tuesday, the White House unveiled new details about its effort to help low income communities get an economic boost, especially areas hit hard by the Great Recession.
President Trump says his administration is launching the largest effort yet to revitalize America’s low-income communities.
“The resources of the whole federal government will be leveraged to rebuild low income and impoverished neighborhoods that have been ignored by Washington in years past,” said President Trump.
The president says the newly established Opportunity and Revitalization Council is designed to stimulate private investments in 8,700 eligible communities nationwide.
Norfolk, Virginia Mayor Kenneth Alexander says cities like his need all the help they can get.
“Private dollars will not traditionally trickle down into distressed communities, so this is vitally important for a city like Norfolk,” said Alexander.
Housing and Urban Development Secretary Ben Carson will lead the council.
He says companies are now eligible to receive tax breaks, with strings attached, if they invest in areas often overlooked for jobs.
“It’s actually using our capitalist society in an advantageous way to enhance those communities,” said Carson.
The Trump Administration says at least 35 million people live in so-called “economic opportunity zones.”
The White House plans to roll out more details about its programs in January.
