WASHINGTON (Reuters) - Mayors from across the country called on the federal government on Wednesday to quickly create a stimulus package that includes home ownership and local economic assistance.
"People in our cities need help right now," said Trenton Mayor Douglas Palmer at a press conference.
Palmer, who is also president of the U.S. Conference of Mayors, said the mayors would like the federal government to increase Community Development Block Grants and raise the cap on tax-exempt mortgage revenue bonds within the next 30 to 45 days.
The grants fund city efforts to improve housing and public services. The bonds finance low-cost mortgages for struggling homeowners, but federal law limits the amount states can issue each year.
"Housing is the backbone of our economies," he told the annual gathering of mayors. "Right now, our backbone is in traction."
While the mayors did not propose a comprehensive economic solution to the current downturn, they emphasized the federal government must create any stimulus soon.
"It really has to be an effort that also involves the federal government, the state governments, and the nonprofits," said Miami Mayor Manuel Diaz, the conference's vice-president.
No comments:
Post a Comment