Economic Development Initiative and Brownfields Economic Development Initiative Laws

Information by State  Print version

Sec. 5308.* Guarantee and Commitment to Guarantee Loans for Acquisition of Property

17. Economic development grants
    1. Authorization
       The Secretary may make grants in connection with notes or other obligations guaranteed under this section to eligible public entities for the purpose of enhancing the security of loans guaranteed under this section or improving the viability of projects financed with loans guaranteed under this section.
    2. Eligible activities
       Assistance under this subsection may be used only for the purposes of and in conjunction with projects and activities assisted under subsection (a) of this section.
    3. Applications
       Applications for assistance under this subsection may be submitted only by eligible public entities, and shall be in the form and in accordance with the procedures established by the Secretary. Eligible public entities may apply for grants only in conjunction with requests for guarantees under subsection (a) of this section.
    4. Selection criteria
       The Secretary shall establish criteria for awarding assistance under this subsection. Such criteria shall include--
       1. the extent of need for such assistance;
       2. the level of distress in the community to be served and in the jurisdiction applying for assistance;
       3. the quality of the plan proposed and the capacity or potential capacity of the applicant to successfully carry out the plan; and
       4. such other factors as the Secretary determines to be appropriate.