Mayoral candidate Felix Arroyo is celebrating a victory today after the City Council unanimously passed his “Invest in Boston” ordinance, which he said will encourage community lending and spur the local economy.
Arroyo, a councilor-at-large, has been pressing the initiative on the campaign trail, saying that if elected mayor he would require banks with city money to show proof that they are investing in the neighborhoods. Arroyo has made closing the education achievement gap, increasing opportunities for the underserved, and creating pathways out of poverty central issues in his campaign.
He has said that his “Invest in Boston” legislation would ensure that all neighborhoods share in the city’s prosperity. He said that the city has $1 billion deposited in banks and that his legislation would target those banks.
The ordinance will be sent this week to Mayor Thomas M. Menino, who must sign it.
“We know Boston is a prosperous city, but we know that prosperity does not reach every neighborhood,’’ Arroyo said in a statement. “ ‘Invest in Boston’ helps us bridge that divide and create real pathways out of poverty and into the middle class for all Bostonians.’’
Arroyo has held town hall meetings in Jamaica Plain, Hyde Park, and Brighton and a City Council hearing this month to get input from community residents.
“We want our small businesses to grow and flourish. We want to encourage home ownership and create jobs for Bostonians,” said Arroyo in a statement. “Invest in Boston helps accomplish that and I am proud that we passed it today.