FROM THE OFFICE OF PUBLIC AFFAIRS

Treasury Secretary Robert E. Rubin on Friday announced $25 million in funding for a new National Capital Revitalization Corporation for the District of Columbia.

"We worked with Congress during the budget negotiations to provide $25 million for a new National Capital Revitalization Corporation for the District of Columbia," Secretary Rubin said. "The Corporation will help to spur new business activity, create jobs and help revitalize economically distressed neighborhoods in our Nation's capital."

The Corporation will be headed by a board of directors comprised of leading private and public sector individuals. It will encourage development activities in the District and help to coordinate various D.C. government and private sector revitalization efforts. In addition to the $25 million provided by the Federal government, the Corporation will seek private sector and local investments, employ or promote Federal and local tax incentives passed as part of the President's Revitalization Plan last year and help facilitate economic growth in the District.