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The White House
1600 Pennsylvania Ave NW
Washington, DC 20500
Bidenomics is rooted in the simple idea that we need to grow the economy from the middle out and the bottom up, not the top down. And we are making progress: President Biden’s Investing in America agenda, including the American Rescue Plan, Bipartisan Infrastructure Law (BIL), CHIPS and Science Act, and Inflation Reduction Act (IRA), continues to generate historic investments in cities and towns across the country. Today, the Biden-Harris Administration is announcing new steps to ensure underserved communities can build wealth and advance community-driven priorities.

Community and economic development projects—such as investments in housing, small businesses, climate and disaster resilience, and transportation infrastructure—have great potential to build community wealth and strong local economies and support long-time residents and businesses. But federal investments and subsidies in underserved communities have historically fallen short of achieving these goals. Today, the Biden-Harris administration is publicly releasing a new policy memorandum to all federal agencies that outlines actions federal agencies can take to advance equitable development in American cities and urban communities. The Interagency Community Investment Committee (ICIC)—a coalition of federal agencies that support economic growth in historically underserved communities—is announcing a slate of new actions that will strengthen how federal community investment programs serve communities across the country that have historically lacked access to resources and capital including communities of color, low-income communities, rural areas, and Tribal communities. Taken together, these critical actions build upon President Biden and Vice President Harris’s commitment to creating economic opportunity and advancing equity across the Federal Government.

“President Biden and I have been working to grow an economy that works for all people,” said Vice President Harris. “Today’s announcement builds on these efforts and will help make sure that our Administration’s historic investments in infrastructure, clean energy, and manufacturing reach all communities as we build a future where all Americans — no matter zip code— can thrive.”
White House Policy Directive to Federal Agencies to Advance Urban Equitable Development
Today, the Biden-Harris administration is publicly releasing a new policy memorandum pursuant to a key provision in President Biden’s Executive Order on Further Advancing Racial Equity and Support for Underserved Communities Through The Federal Government (Executive Order 14091), which  directs agencies to undertake efforts, consistent with applicable law, to strengthen urban equitable development policies and practices such as advancing community wealth building projects; preventing physical and economic displacement as the result of federal investments; facilitating equitable flows of private capital, including to underserved communities; and incorporating outcome-based metrics focused on urban equitable development in the design and deployment of federal programs and policies. This effort is complementary to the Administration’s efforts to equitably lift up rural and Tribal communities across the nation, including through historic investments and expanded access to federal resources.

The memorandum being publicly released today outlines principles to guide agencies on actions agencies can take to advance urban equitable development and can also be used by the private sector, non-profits and philanthropy, and state and local governments to guide their investments and policies to:
1The memorandum builds on early action by the Biden-Harris Administration. Last year, the Department of Transportation launched its Reconnecting Communities Pilot program, a first-of-its-kind initiative to reconnect communities that are cut off from opportunity and burdened by past transportation infrastructure decisions. This year, the Department of Housing and Urban Development proposed a new Affirmatively Furthering Fair Housing Rule, which when finalized will lead to greater equity and choice in housing opportunities for communities that have faced segregation and disinvestment, while empowering communities and increasing transparency. 
New Public Sector Efforts to Facilitate the Flow of Resources into Underserved Communities

Today, the Interagency Community Investment Committee (ICIC) [1] is announcing a slate of new actions to strengthen how federal community investment programs serve communities across the country that have historically lacked access to resources and capital. In July of last year, Vice President Harris announced the ICIC, a coalition of agencies with a focus on aligning federal investments to support economic growth in historically underserved communities and address economic disparities. Since its creation, the ICIC has sought to improve the operational coordination of federal investment programs to maximize their collective impact for all Americans, including communities that have been historically underserved, such as communities of color, low-income communities, rural areas, and Tribal communities. 
Today, the Biden-Harris Administration is announcing that the ICIC agencies will take the following actions:
1The ICIC members include the Department of Agriculture (USDA), Department of Commerce (Commerce), Department of Housing and Urban Development (HUD), Department of the Treasury (Treasury), Department of Transportation (DOT), and the Small Business Administration (SBA)

2Field offices and external resources partners include USDA’s State Rural Development Offices and Rural Partners Network Staff; Minority Business Development Agency Business Centers; DOT’s Small Business Transportation Resource Centers; SBA’s Field Offices; and Treasury’s CDFI Fund and State Small Business Credit Initiative.
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The White House
1600 Pennsylvania Ave NW
Washington, DC 20500

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