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Published on Friday, March 8, 2013

Community economic revitalization bill keeps moving

HB 1648, which would create a new loan program under the Community Economic Revitalization Board (CERB), moved out of the House Rules Committee on March 7 and could be brought to the floor of the House for a vote at any time.

In short, the bill would allow CERB to provide no-interest loans to municipalities for projects that would improve the opportunity to revitalize existing retail, industrial, or commercial properties that are either abandoned or whose square footage is more than 75% vacant. Other specific criteria are set out in the bill. The maximum loan amount would be $2 million, with a maximum term of 20 years.