The Department of Commerce's (DOC) Economic Development Administration (EDA) plans to invest $3 billion of Congress-approved funds in community restoration projects.
The funds for the “Investing in America’s Communities” effort come from the Commerce Department's share under the American Rescue Plan Act, which aims to restore the U.S. economy amid the COVID-19 pandemic's effects, the department said Thursday.
Gina Raimondo, the secretary of commerce, said the investment is intended to help local communities restore and refine their corresponding economies.
“With an emphasis on equity, EDA’s investments made possible by the American Rescue Plan will directly benefit communities that have been denied full access to economic prosperity and who have been disproportionately impacted by the coronavirus pandemic,” Raimondo said.
The investment now supports six projects, including those that address economic adjustment, statewide planning and tourism. EDA will also invest $300 million of the funds in coal communities.