"We can clean up these properties and build homes, shopping centers, and even baseball stadiums on them," Ohio Rep. Michael G. Oxley told his House Committee on Financial Services colleagues. Oxley sponsored the legislation and is also the committee chairman.
"HR 2941 sends a strong message to the developers, investors, and bankers who put up the money for these projects," he continued. "We want you to invest in our cities. We want to clean up contamination. We want to bring abandoned properties back to life." The legislation also creates an economic development loan pilot program valued at $96 million over four years.
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