Senate budget proposal will devastate N.C. recovery

Statement from Abdul Rasheed on the N.C. Senate’s Cut of All Funding for the N.C. Community Development Initiative

We are deeply disappointed that the North Carolina Senate failed to provide any funding to enable the N.C. Community Development Initiative to continue helping North Carolina’s most economically distressed communities recover and rebuild their economies.

Businesses, families and the state’s fragile recovery cannot withstand this move by state legislators and the governor to dismantle 20 years of progress made through public-private investments in housing, infrastructure and small business development.

During the past two decades, the Initiative and its nonprofit partners have created more than 11,000 jobs, built $600 million in commercial development and affordable housing, and helped more than 50,000 North Carolinians become more financially secure.

We urge members of the N.C. House of Representatives to act responsibly and restore funding for the Initiative so we do not put at risk this proven and effective engine of economic growth and prosperity in our state.

Many thanks to our sponsors

BB&T Oak Foundation Z Smith Reynolds Foundation Wells Fargo PNC Suntrust Kate B Reynolds Charitable Trust Local First Bank Fifth Third Bank First Tennessee Bank