In late July, the House overwhelmingly passed legislation, H.R. 4923, to spur economic activity in distressed neighborhoods. “Community Renewal and New Markets Act of 2000” targets neighborhoods where “venture capital just doesn’t venture,” said the bill’s sponsor Rep. J.C. Watts (R-Okla.) (www.house.gov/watts). The bill, which still needs Senate approval before becoming law, would establish 20 venture capital companies, and they would receive matching federal funds.
Based on a report from AIA’s Angle
