Funding Criteria: Economic Development

Awards are made continuously from April 1 through March 31 of each program year, subject to the availability of funds.

Requirements:
  • A pre-application meeting must be held with the Office of Community Development.
  • A firm financial commitment from the private sector. The private funds/public funds ratio must not be less than 1:1.
  • Cost per new, full-time job created must not exceed $15,000 for a grant for a loan or $10,000 for a grant.
  • A minimum of 10 jobs created or retained.
  • Employment of a minimum of 51 percent of persons whose household income at the time of employment is within low-to-moderate income limits.
  • Documentation on the management, marketing, financial and economic feasibility for the proposed activities.

The review factors consist of the following: project creditworthiness; sufficient developer equity; the ratio of private funds to public funds; the number of jobs that will result in proportion to the money invested; the security offered for CDBG loans made by a local government; and the applicant’s performance with any prior CDBG grants or loans from the State.

Economic development activities must be consistent with the current Consolidated Annual Action Plan.