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 $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.
The CDBG Advisory Committee will discuss the second round of Planning Grant application requests.
This is the last business day for donors to pay their pledges for 2013
CDBG grantees must submit their semi-annual reports to CDFA by close of business this day.
CDBG applications for Housing and Public Facilities grants are due by close of business this day.
The Community Development Finance Authority (CDFA) is conducting two Application Writing Workshops for its Tax Credit Program.