Christopher Shays: “Mr. Speaker, this is a bipartisan bill that, as amended, reauthorizes the HOPE VI program through 2007. Reauthorizing…”

“Mr. Speaker, this is a bipartisan bill that, as amended, reauthorizes the HOPE VI program through 2007. Reauthorizing the HOPE VI for an additional year will have an important impact on the lives of low-income people and will also pay tremendous dividends in towns and cities across America. HOPE VI epitomizes public-private partnerships for funding redevelopment projects. Mixed-finance agreements have allowed the government to raise millions of dollars from the private sector for redevelopment properties using Federal funds as leverage. For every government dollar granted, these partnerships can yield an additional $3 or $4. Let me give an example of an incredible HOPE VI project that has been completed in Stamford, Connecticut. A $26 million HOPE VI grant leveraged an additional $80 million in State, local, and private funds.”