With the federal stimulus package still in flux, members of the newly formed Inland Empire Economic Recovery Corporation visited policy makers in Washington last week. San Bernardino County Second District Supervisor Paul Biane proposed the creation of IEERC and now chairs its Board of Directors. The agency will buy foreclosure properties in the Inland Empire with a mix of public and private dollars. It will then contract with local businesses to rehabilitate and sell the properties. Profits will be used to purchase and rehab additional foreclosed homes.
During their two-day trip, IEERC Directors met with officials from the U.S. Department of Treasury, the Department of Housing and Urban Development, and the Republican Housing Subcommittee. Part of the discussion focused on the Corporation’s need for Troubled Asset Relief Program funding.