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  • projects -nearly tripling the FY98 $138 million appropriation. EDI funds allow communities to make greater use of HUD' s Section 108 loan guarantee program. The Administration plans to use EDI and Section 108 guarantees together to stimulate creation
  • allocate $400 million for the Economic Development Initiative (EDI), to leverage private sector funding for job-creating projects -nearly tripling the FY98 $138 million appropriation. EDI funds allow communities to make greater use ofHUD's Section 108 loan
  • available to businesses located in less affluent areas, to enable these firms to create jobs and generate wealth. The House VA-HUD bill provides only $50 million of the $400 million the President requested for the Economic Development Initiative/Community