|Recovery Zone Facility Bonds|The City of Long Beach has been allocated a total of $33,353,000 for Recovery Zone Facility Bonds. Recovery Zone Facility Bonds are tax-exempt bonds designed to assist private companies and developers finance economic development projects located in Recovery Zones. Recovery Zone Facility Bonds are a new type of bond program that was enacted under the American Recovery and Reinvestment Act of 2009 to provide tax incentives for state and local municipalities. The program allows designated projects to be financed with lower borrowing costs, to promote job creation and economic recovery in areas affected by employment decline.
The City of Long Beach is accepting applications from parties interested in making use of the Recovery Zone Facility Bond allocation for private development projects. Applications will be considered on a first-come, first-served basis.
For more information, contact Moon Joo Won at (562) 570-6616 or MoonJoo.Won@longbeach.gov.