FY 2011 Annual Action Plan (Action Plan: One Year Use of Funds -- III.C.5.)
Awards are made continuously from April 1, 2011 through March 31, 2012 subject to the availability of funds.

• 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 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 the CDBG loans; and the applicant’s performance with any prior CDBG grants or loans from the State.

Local governments located within the boundaries of a federally-designated Renewal Community will receive priority for ED funds.

Economic development activities must be consistent with the FY 2011 Action Plan.