Today, HUD announced the process and criteria for selecting 6 urban communities and at least 1 rural and 1 tribal community to participate in the Promise Zone initiative. The 6 urban communities will be designated by HUD, and the rural and tribal communities by USDA.
There are currently 5 Promise Zones. The Promise Zone designation helps bring additional Federal government resources to local communities by directly assigning Federal staff to work with localities and awarding Promise Zones additional technical assistance as well as a preference in some Federal competitive programs. HUD is also seeking Congressional approval to allow for tax incentives for businesses that invest in Promise Zone areas or hire residents of the zones. The goal is to help local leaders accelerate community revitalization efforts while encouraging collaborative, results-oriented approaches. HUD’s announcement indicates that Promise Zone designations will be for a term of 10 years, with the possibility of extensions. The announcement also indicates that additional Promise Zone designation competitions will be announced in calendar year 2015. Applications are due by November 21, 2014.
HUD is holding the following webcasts to discuss the new competition: Tribal Webcast (September 29, 1-2 pm); Rural Webcast (September 29, 3-4 pm); and Urban Webcast (October 1, 3-4 pm).
