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ECONOMIC DEVELOPMENT September 13, 2004

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

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ECONOMIC DEVELOPMENT September 13, 2004

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  1. ECONOMIC DEVELOPMENT September 13, 2004

  2. CDBG DISBURSEMENTS FOR ECONOMIC DEVELOPMENT

  3. ECONOMIC DEVELOPMENT CATEGORIES

  4. PUBLIC BENEFIT REQUIREMENTS • Apply to special economic development activities • Certain public improvements

  5. 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

  6. NATIONAL OBJECTIVES • Area Benefit • Limited Clientele LOW/MOD BENEFIT • Housing • Jobs • Area SLUM/BLIGHT • Spot • Urban Renewal URGENT NEED

  7. “CROSS CUTTING” REQUIREMENTS Examples: • Davis-Bacon • Environmental review

  8. SECTION 108 LOAN GUARANTEE PROGRAM ADMINISTERED AS PART OF CDBG PROGRAM

  9. ELIGIBLE APPLICANTS • CDBG entitlement recipients • Metropolitan cities • Urban counties • State-assisted small cities

  10. MAXIMUM AMOUNT • 5 TIMES CDBG • Less: Outstanding Amounts

  11. LOAN TERMS • Up to 20 year term • Variable/Fixed rate • Collateral: • Pledge of CDBG funds • Other

  12. THE SECTION 108 GUARANTEE PROGRAM HUD Interim Lender Guarantee Guarantee Pledge of CDBG Funds Investors Locality

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