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Councilmember McDuffie Releases Committee on Business and Economic Development Fiscal Year 2024 Budget Report

For Release: Thursday, April 27, 2023
Contact: Jonathan McNair, 202-288-0714, [email protected]

Washington, DC – The Committee on Business and Economic Development has approved its fiscal year 2024 budget report, outlining a range of recommendations to promote economic growth and prosperity in the District. Chairman Kenyan McDuffie has prioritized the restoration of $54 million in funding for the Child Wealth Building Act, also known as Baby Bonds, after the Mayor defunded the program. The Committee’s budget recommendations ensure we are strengthening the economic security of our residents, creating opportunities for our small business owners to thrive, and investing in our downtown in a way that fosters equitable housing production.

“The Committee’s budget recommendations reflect how important it is for our city to be focused on community safety, economic security, and giving our residents and visitors a world-class experience.” said Councilmember McDuffie. “The restoration of funding to the Child Wealth Building Act was a priority of mine to ensure that our government fulfills our promise to create opportunities for our children to pay for higher education, start a business, buy a house and create wealth. I am also proud to advance investment in the District’s Downtown corridor to spur the development of mixed income housing, requiring more affordable housing and jobs for District of Columbia residents."

The Committee report includes $54 million necessary to fund Councilmember McDuffie’s Child Wealth Building Act, $1 million to support Strong Families, Strong Futures program, $268,000 to the DC State Athletic Association and DC Combat Sports Commission to provide vital programming to our young people, increasing funding to $6 million for the Commercial Property Acquisition Fund, and $55 million over the next 5 years to spur housing production in Downtown. These initiatives provide strong investments and focus on some of the top priorities of the city.

A summary of the Committee on Business and Economic Developments budget highlights can be found here.

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