Economic Developers

Honor Maloney

WASHINGTON, D.C. — The Northeastern Economic Developers Association Wednesday presented US Rep James Maloney, D-CT, with its Legislative Service Award for his work “in support of economic development and job creation legislation that enhanced the economy of Connecticut and the Northeast.”

Congressman Maloney, who represents Connecticut’s Fifth District including Newtown, wrote “brownsfield” legislation to clean up and re-use industrial sites. His bill became law as part of the Taxpayer Fairness Act of 1997 and the VA-Department of Housing and Urban Development (HUD) appropriations bill of 1997. The legislation increased the Environmental Protection Agency’s capacity to clean up brownsfields through site assessments, redevelopment grants, and revolving loan funds available to private industry. The bill also increased HUD’s ability to leverage state, local and private funds for redevelopment and job creation.

Rep Maloney also sponsored an amendment to expand the Federal Home Loan Bank Charter to allow community banks to borrow for small business and economic development. The amendment was adopted as part of the 1999 Financial Modernization Act.

The Northeastern Economic Developers Association draws membership from economic development, banking, real estate brokerage, law engineering, and environmental consulting. NEDA was formed in 1956 to promote economic and industrial development in the northeastern region of the United States.