Regional Development Corporation Capacity Fund
Regional Development Corporation (RDC) Capacity Fund awards grants, through the Community Development Block Grant (CDBG) and Tax Credit Programs, to assist New Hampshire's 10 RDCs. These funds help reduce the amount of time a RDC spends on seeking operational funding, thereby giving it more time to focus on regional economic development activities.
The CDFA Board of Directors realizes that organizational capacity does not develop quickly. Therefore, they currently allocate $250,000 in Tax Credit Program funds and the CDBG Advisory Committee allocates approximately $200,000 in CDBG funds to the New Hampshire Alliance of Regional Development Corporations, a network of economic development organizations that support, enhance, and promote development efforts to their various regions. The Alliance distributes the Tax Credit Program funds to its 10-member RDCs.
Each RDC offers a variety of services that best meet the needs of its constituent communities and businesses, but they all have revolving loan funds to support an array of economic development projects in their service areas.
The revolving loan funds were principally created by loan repayments of CDBG Economic Development grants from the for-profit businesses. CDBG funds are awarded to municipalities that typically sub- grant to an RDC that then loans the funds to for- profit businesses to expand or acquire and develop property. The business guarantees to create or retain jobs that provide good wages, benefits, and training programs for low- and moderate-income people. When the for-profit business repays the CDBG funds, those funds get deposited into the RDC revolving loan funds so additional loans can be made, helping to strengthen the viability of the region.
Typically, applications are accepted once a year. CDFA will invite eligible organizations to apply.
Grantees of Community Development Block Grants must submit their semi-annual reports to CDFA through GMS this day.
Applications for the second round of CDBG awards are due this day.
Required reporting for tax credit awardees must be completed and submitted today.
The Committee will meet Thursday
The Board will meet to make Tax Credit Application funding desicions