1 / 4

Revitalizing Communities: Economic Development Set-Aside Program (EDSA)

The EDSA program aims to boost employment opportunities for low and moderate-income Iowans by providing federal CDBG funds to companies creating or retaining jobs paying above average rates. Funding includes loans, forgivable loans, with maximum awards of $1,000,000 for building construction, land acquisition, and equipment purchases. Local governments can provide EDSA grants to businesses as loans, with repayments used to establish a Revolving Loan Fund for future low and moderate-income benefit projects.

marcus
Télécharger la présentation

Revitalizing Communities: Economic Development Set-Aside Program (EDSA)

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  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

More Related