economic development september 13, 2004
DESCRIPTION
ECONOMIC DEVELOPMENT September 13, 2004. CDBG DISBURSEMENTS FOR ECONOMIC DEVELOPMENT. ECONOMIC DEVELOPMENT CATEGORIES. PUBLIC BENEFIT REQUIREMENTS. Apply to special economic development activities Certain public improvements. PUBLIC BENEFIT STANDARDS. Jobs $50,000/individual - PowerPoint PPT PresentationTRANSCRIPT
ECONOMIC DEVELOPMENTSeptember 13, 2004
CDBG DISBURSEMENTS FOR ECONOMIC DEVELOPMENT
STATE TOTAL % of Total ENT. TOTAL % of Total
FY 00 121,564,217 19.3% 277,321,473 7.8%
FY 01 206,312,786 16.9% 282,829,616 7.8%
FY 02 190,420,527 15.1% 275,409,262 7.6%
FY 03 195,046,668 14.9% 237,201,542 7.1%
ECONOMIC DEVELOPMENT CATEGORIES
REHABILITATION:PUBLICLY OR PRIVATELY OWNED COMMERCIAL/INDUSTRIAL
COMMERCIAL/INDUSTRIAL LAND ACQUISITION/DISPOSITION
COMMERCIAL/INDUSTRIAL INFRASTRUCTURE DEVELOPMENT
COMMERCIAL/INDUSTRIAL BUILDING ACQUSITION, CONSTRUCTION, REHABILITATION
OTHER COMMERCIAL/INDUSTRIAL IMPROVEMENTS
ED DIRECT: DIRECT FINANCIAL ASSISTANCE TO FOR-PROFIT BUSINESS
ED DIRECT: TECHNICAL ASSISTANCE
MICRO-ENTERPRISE ASSISTANCE
PUBLIC BENEFIT REQUIREMENTS Apply to special economic
development activities Certain public improvements
PUBLIC BENEFIT STANDARDS Jobs
$50,000/individual$35,000/aggregate
Services to low/mod$1,000/individual$350/aggregate
Exception from aggregate standards for certain activities
NATIONAL OBJECTIVES
LOW/MOD BENEFIT
SLUM/BLIGHT
URGENT NEED
Area Benefit Limited Clientele Housing Jobs Area
Urban Renewal Spot
“CROSS CUTTING” REQUIREMENTSExamples: Davis-Bacon Environmental review
SECTION 108 LOAN GUARANTEE PROGRAM ADMINISTERED AS PART OF CDBG
PROGRAM
ELIGIBLE APPLICANTS
CDBG entitlement recipientsCDBG entitlement recipients Metropolitan citiesMetropolitan cities Urban countiesUrban counties
State-assisted small citiesState-assisted small cities
MAXIMUM AMOUNT
5 TIMES CDBG Less: Outstanding Amounts
LOAN TERMS
Up to 20 year term Variable/Fixed rate Collateral:
Pledge of CDBG fundsOther
THE SECTION 108 GUARANTEE PROGRAM
HUD
GuaranteePledge of CDBG
Funds
Guarantee
Locality
Investors
Interim Lender