Jan 28 2002

SHELBY ANNOUNCES "RENEWAL COMMUNITY" DESIGNATION FOR GREENE AND SUMTER COUNTIES

Counties Become Eligible for Estimated $17 Billion in Tax Incentives

WASHINGTON, DC -- U.S. Senator Richard C. Shelby (R-AL) today announced that Greene and Sumter Counties have each been designated a "Renewal Community" by the Department of Housing and Urban Development. Each county will be eligible for an estimated $17 billion in tax incentives to stimulate job growth, provide economic development and create affordable housing. The 2000 Community Renewal Tax Relief Act established the Renewal Community Initiative to encourage public-private collaboration to generate economic development in distressed communities around the country.

"I am pleased to announce this opportunity for Greene and Sumter Counties," said Sen. Shelby. "These tax incentives will provide much-needed assistance in our efforts to promote job growth and economic development throughout these areas."

The Department of Housing and Urban Development has designated 40 communities around the country as "Renewal Communities." The Renewal Communities are eligible for wage credits, tax deductions, capital gains exclusions and bond financing to stimulate economic development and job growth. Each incentive is tailored to meet the particular needs of a business and offers a significant inducement for companies to locate and hire additional workers.



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