Economic Development Program
The Economic Development Program provides gap funding in the form of grants and loans for communities to assist businesses in the creation/retention of jobs; at least 51% of those jobs must be taken by low and moderate-income persons. The maximum CDBG participation per job created or retained with EDP $30,000. Economic Development Funds cannot be used to refinance existing debt.
Program acivity groups and maximum grant and loan amounts are as follows; Applicants may apply in only one specific grant activity group.
Activity Group 1 - Municipal Owned - Grants to Muncipalities for Direct Business Support for acquisition, relocation, demolition, clearance, construction, reconstruction, installation and rehabilitation associated with public infrastructure projects such as water and sewer facilities, flood and drainage improvements, publicly-owned commercial and industrial buildings, parking, streets, curbs, gutters, sidewalks, etc. All public infrastructure must be owned by the municipality or public or private utility and be in support of an identified business which will create or retain jobs in the non-retail sector for low and moderate income persons. - maximum grant award: $1,000,000.
Activity Group 2 - Non Municipally Owned. Grants to Municipalities for Direct Business Supportfor non-capital equipment, land and site improvements, rehabilitation or construction of commercial or industrial buildings, job training, working capital and capital equipment in support of an identified business. - maximum grant award: $1,000,000.