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U.S. Department of Commerce to Invest $8.9 Million to Improve Flood Control Infrastructure near Opportunity Zone in Long Beach, California

02/27/2020 | 09:28pm EST

WASHINGTON - Today, U.S. Secretary of Commerce Wilbur Ross announced that the Department's Economic Development Administration (EDA) is awarding an $8.9 million grant to the city of Long Beach, California, to make the flood control infrastructure improvements needed to protect businesses and make the region resilient to future natural disasters. The EDA grant, to be located near a Tax Cuts and Jobs ActOpportunity Zone, will be matched with $2.2 million in local funds.

'The Trump Administration is continuing to work diligently to rebuild communities devastated by natural disasters, including the flooding and mudslides that ravaged Long Beach,' said Secretary of Commerce Wilbur Ross. 'This critical infrastructure improvement project will help keep businesses operating and increase economic resilience in the event of future natural disasters.'

'EDA plays an important role in providing aid to local businesses and communities impacted by natural disasters,' said U.S. Assistant Secretary of Commerce for Economic Development Dr. John Fleming. 'The improved water infrastructure will allow Long Beach to withstand and recover from winter storms, flooding, and mudslides that adversely impact the regional economy. The project's location near a Tax Cuts and Jobs Act Opportunity Zone will help drive additional private investment to the area.'

This project is funded under the Bipartisan Budget Act of 2018 (Pub. L. 116-20) (PDF), in which Congress appropriated to EDA $600 million in additional Economic Adjustment Assistance (EAA) Program funds for disaster relief and recovery as a result of Hurricanes Harvey, Irma, and Maria, wildfires, and other calendar year 2017 natural disasters under the Stafford Act.

The funding announced today will help catalyze private investment in a nearby Opportunity Zone. Created by President Donald J. Trump's Tax Cuts and Jobs Act of 2017, Opportunity Zones are spurring economic development in economically-distressed communities nationwide. In June 2019, EDA added Opportunity Zones as an Investment Priority, which increases the number of catalytic Opportunity Zone-related projects that EDA can fund to fuel greater public investment in these areas. To learn more about the Commerce Department's work in Opportunity Zones, please visit EDA's Opportunity Zones webpage. To learn more about the Opportunity Zone program, see the Treasury Department resources page here.

About the U.S. Economic Development Administration (www.eda.gov)
The mission of the U.S. Economic Development Administration (EDA) is to lead the federal economic development agenda by promoting competitiveness and preparing the nation's regions for growth and success in the worldwide economy. An agency within the U.S. Department of Commerce, EDA makes investments in economically distressed communities in order to create jobs for U.S. workers, promote American innovation, and accelerate long-term sustainable economic growth.

Disclaimer

EDA - Economic Development Administration published this content on 27 February 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 28 February 2020 02:27:01 UTC


© Publicnow 2020
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