Himes Announces $87 Million In Build America Bonds For Fairfield County

Press Release

Over $87 million in low-cost Recovery Zone Bonds will be available to businesses and state and local governments in Fairfield County from the American Recovery and Reinvestment Act, Congressman Jim Himes announced today. The Recovery Zone Bonds come in two forms, municipal economic development bonds and private facility bonds. Recovery Zone Bonds are Build America Bonds targeted to areas particularly affected by significant job loss and will help provide capital for much-needed economic development projects.

"Low-cost capital is critical to businesses and communities' ability to make investments that will create jobs," said Congressman Himes. "These Recovery Zone Bonds provide innovative financing solutions to help revitalize our economy in the areas where families and business are struggling most."

Local and state governments can use Recovery Zone Economic Development Bonds to fund a broad range of economic development projects, including infrastructure development, job training, and education. The program specifically targets areas with high levels of poverty, unemployment, or home foreclosures. The Treasury Department will directly cover 45 percent of the interest payments on these taxable bonds.

Businesses located in Recovery Zones can apply for Recovery Zone Facility Bonds. These tax-exempt private activity bonds provide businesses low-cost funding opportunities for a range of projects in economically depressed areas.

In Fairfield County, the U.S. Treasury Department will help make available $35 million in Recovery Zone Economic Development Bonds and $53 million in Recovery Zone Facility Bonds, with $10 million of investment set aside each for Stamford and Bridgeport. The chart below details the allocations.

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