Economic Development Programs
The Office of Economic Development (OED), under the auspices of the Assistant Secretary for Community Planning and Development, is guided by the basic principle that government can help to create an environment that encourages innovation, rewards risk-taking and promotes equal opportunity. OED recognizes the extraordinarily diverse range of economic and community development needs among the nation's individual communities, which may range from job retention and creation priorities, to new investments in public facilities and infrastructure and the development of affordable housing.
Section 108 Loan Guarantee Program
Brownfields Economic Development Initiatives
Youthbuild
Rural Housing and Economic Development Program
Section 108 Loan Guarantee Program
Summary
Section 108 is the loan guarantee provision of CDBG. It allows communities to pledge their future CDBG funding as security for loans large enough to pursue physical and economic revitalization or affordable housing projects.
Type of Assistance
Loans, up to five times the most recent CDBG award, may be used to finance economic development projects, public facilities and improvements, housing rehabilitation, land acquisition, and related activities.
Eligible Applicants
Funds are made available to metropolitan cities and urban counties (i.e. CDBG entitlement recipients); nonentitlement communities that are assisted in the submission of applications by States that administer the CDBG program; and nonentitlement communities eligible to receive CDBG funds under the HUD-Administered Small Cities CDBG program (Hawaii). The public entity may be the borrower or it may designate a public agency as the borrower.
AMI Requirements
Community development in accordance with CDBG requirements.
Contact Information
HUD http://www.hud.gov/offices/cpd/communitydevelopment/programs/108/index.cfm
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Brownfields Economic Development Initiatives
Summary
Brownfields Economic Development Initiative (BEDI) is designed to assist cities with the redevelopment of abandoned, idled and underused industrial and commercial facilities where expansion and redevelopment is burdened by real or potential environmental contamination (i.e. brownfields). BEDI uses Section 108-guaranteed loans to enhance the security or improve the viability of a brownfields.
Type of Assistance
BEDIs must be used in conjunction with loans guaranteed under the Section 108 Program to clean up and redevelop brownfields. BEDI grants are competitive and there is a cap of $1 million per BEDI award. Section 108 funds are available to eligible applicants throughout the year on a noncompetitive basis.
Eligible Applicants
CDBG entitlement communities and non-entitlement communities are eligible to receive loan guarantees. A request for a new Section 108 loan guarantee authority must accompany each BEDI application. BEDI and Section 108 funds must be used in conjunction with the same economic development project.
Contact Information
HUD http://www.hud.gov/offices/cpd/economicdevelopment/programs/bedi
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Youthbuild
Summary
Youthbuild provides disadvantaged young adults (16-to-24-year old high school dropouts) with education and employment skills through rehabilitating and building housing for low-income and homeless people. The Youthbuild program was transferred to the U.S. Department of Labor on September 22, 2006, in accordance with Public Law 109–281, and was not included in the FY2007 Super NOFA. Grants awarded prior to Fiscal Year (FY) 2007 will continue to be monitored by the Department of Housing and Urban Development until the authority to expend these funds has expired.
Eligible Applicants
Youthbuild provides funding to public and private non-profit organizations, that include community-based organizations, community action agencies, state or local housing agencies, community development corporations, and any other entity including States, and units of general local government eligible to provide education and employment training.
Contact Information
HUD http://www.hud.gov/offices/cpd/economicdevelopment/programs/youthbuild
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Rural Housing and Economic Development Program
Summary
The Rural Housing and Economic Development (RHED) Program provides for capacity building at the State and local level for rural housing and economic development and to support innovative housing and economic development activities in rural areas.
Type of Assistance
Funds are available on a competitive basis and include predevelopment, homeownership, and technical assistance among many others.
Eligible Applicants
This program is established to assist nonprofit organizations in rural communities across America.
HUD defines rural in five ways:
- a place having fewer than 2,500 inhabitants;
- a county or parish with an urban population of 20,000 inhabitants or less;
- territory, persons and housing units in the rural portion of “extended cities”;
- open country that is not a part of or associated with an urban area;
- any place with a population not in excess of 20,000 inhabitants and not located in a Metropolitan Statistical Area.
Other eligible applicants include community development corporations (CDCs), federally recognized Indian tribes, state housing finance agencies (HFAs), and state community and/or economic development agencies.
Contact Information
HUD http://www.hud.gov/offices/cpd/economicdevelopment/programs/rhed/index.cfm
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