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Economic Development Set-Aside Program (EDSA)

Economic Development Set-Aside Program (EDSA). Purpose Designed to increase employment opportunities for low and moderate income Iowans Funds are federal Community Development Block Grant (CDBG) funds. Economic Development Set-Aside Program (EDSA). Eligibility

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Economic Development Set-Aside Program (EDSA)

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  1. Economic Development Set-Aside Program (EDSA) • Purpose • Designed to increase employment opportunities for low and moderate income Iowans • Funds are federal Community Development Block Grant (CDBG) funds

  2. Economic Development Set-Aside Program (EDSA) • Eligibility • Companies that are creating or retaining jobs • New or retained jobs must pay an average of 100% of the average county/regional wage rate and over 50% of the affected positions must exceed the county/regional wage rate

  3. Economic Development Set-Aside Program (EDSA) • Funding • Loans & forgivable loans • Maximum award is $1,000,000 • Primary use of funds received include building construction or reconstruction, acquisition of land and equipment purchases

  4. Economic Development Set-Aside Program (EDSA) • EDSA is provided to local government as a grant; the local government may provide it to the business as a loan; • When the loan is repaid to the local government, the repayments may be used to establish a Revolving Loan Fund; • Future loans from the fund should meet the same criteria (low and moderate income benefit, etc., as original award

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