Box 22, Folder 19, Document 2

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Box 22, Folder 19, Document 2

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Ae git .aes * ARTES ops ey peers
EDICGTE SUBGOM SALES Oo 3 Siew a ave fe= thE: GAL eed

Tne Kivicoflf subcommittce resumed today lts benrvings on the proper
role of the fedsral governzent in the attack ca urban problems.
Senunter Rioleor? relessed & list of 37 whlinceses who will enpear
before the subocnalttes Curing the poerlod Novemoor 9-December 15.
A copy of the list is attached.

David Rockefeller, Prasident of the Chate Manhatten Bank, was the

sole witness at this mornings’s seasion. Mr. Nachkefeller @eserlbe

several efforts by private busincsocs in the ficla of urban rensbilitae
tion which indicate that the private sector has the eapacity for ine
erenced participation Im the solution of uvoen problems. He discussed
the factors influencing the macunt of business involvement in the .
eifairs of the city. Tha main points raiaed In his testimony and

éuring the questicsing seriod wexe the following;
1. The Need for Commercially Orilentated Redevelonment

Mr. Rockefeller stressed that usiess urben redevelopment projects ia
thea central cities gonerate aubstmmtlal tax revcnucs thoy will have
@ harufal impact on the Sinancial position of the city as a who

ae The Promor Role of Businesses in the Solution of tirbsen Problets

Mr. Rockefeller écclarad thet urban rehabilitation is primorily th :
joo of private enterprise.

3. The Nesd for Governmmt Eaccuronemens of Risiness Fertictuation

in Urban Tevelonment

Mr. ‘Rockefaller maintained tint greater govermaent encouragement of
business participation in urban Gevelupuant le necessary. fin calicd
for tax incentives to encourage investment in urban rehabilitation
&8 well @s Closer liason between government units and the private

h, ous Estsbitennont of a Pusinens AAvinory Comittee to the
a ra OP aS ee ee pave 5: ceca reacreae eta e IN


oe rte, Le ats fe Lee = ee x
retery of Pouging ond Urban fevelorment

Mr. Rockefeller urged that consideration be given to Suiting up &
group from the business and financial community which would advice
the Secretary of Housing and Urban Developient. He noted Sha &
eivicory group assists the Seerctary of the Treasury on International
Monetary Arranges. ots.

5. The Advisibility of Establishing a "Comsat" Type Cornoration for
Urban Rehabilitation.

Senator Javits expressed the hope that the atiministration finally

had realized the value of the "Comsat" approach to housing problems.

ess of the original "Comsat"

My. Rockefeller commented that the e
lar epproach would necessarily

undertaking is no guarantee that a si
succeed in the housing field. He stre

private business in urban rehebilitatio
profit can be realized.

ssed that participation by
will be assured only if a

6. The Aetion of FNMA in Moking Available ei 0 Million in Special
=] S
Assistance Fonds.

Senetor Ribicoff suggested that in view of the tightness of the money
market the total amount of special assistance funds authorized by
Congress should have been released.

Mr. Rockefeller stated that the administration polloy on special
assistance funds was reasonable.

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