2007 application guidelines :
Community Development Assistance Program : economic development.
Description
- Language(s)
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English
- Published
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[Springfield, Ill] : Illinois Dept. of Commerce and Community Affairs, [2007]
- Summary
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The following activities are considered ineligible. 1. Construction of buildings, or portions thereof, used predominantly for general conduct of government (e.g. city halls, courthouses, jails, police stations, etc.) 2. General government expenses. 3. Costs of operating and maintaining public facilities and services (e.g. mowing parks and replacing street light bulbs). 4. Servicing or refinancing existing debt.
Under the CDAP Economic Development component funds may be used to assist for profit and not-for-profit firms to carry out economic development projects. Generally, CDAP grant funds will be provided by the unit of local government to the profit or not-for-profit business under a financial assistance agreement at agreed upon terms. "Financial assistance" means the provision of funds to an eligible economic development project through the purchase of any note, stock, convertible security, treasury stock, bond, debenture, evidence of indebtedness, certificate of interest or participation in any profit-sharing agreement, preorganization certificate of subscription, transferable share, investment contract, certificate of deposit for a security, certificate of interest or participation in a patent or application therefor, or in royalty or other payments under such a patent or application, or in general, any interest or instrument commonly known as a "security" or any certificate for, receipt for, guarantee of, or option, warrant or right to subscribe to or purchase any of the foregoing, but not including any instrument which contains voting rights in the possession of the Grantee, or other means whereby financial aid is made to or on behalf of an Illinois company as appropriate to the form of agreement, for working capital, the purchase or lease of machinery and equipment, or the lease or purchase of real estate, but does not include refinancing debt. Loans, investments and lines of credit may be extended in participation with other financial institutions. By providing expanded application for CDAP funds, the unit of local government will have enhanced capacity to pool public and private resources in support of a community project. The business may use the funds for land acquisition, construction, reconstruction, installation or rehabilitation of commercial or industrial buildings, structures and other real property; equipment and improvements and working capital expenses.
The Community Development Block Grant (CDBG) Program was established by the federal Housing and Community Development Act of 1974 (Act). Administered nationally by the U.S. Department of Housing and Urban Development (HUD), the Act combined eight existing categorical programs into a single block grant program. In 1981, Congress amended the Act to allow states to directly administer the block grant for small cities. At the designation of the Governor, the Department of Commerce and Economic Opportunity assumed operation of the State of Illinois Community Development Block Grant -- Small Cities Program in the same year. The Illinois block grant program is known as the Community Development Assistance Program (CDAP). Through this program, funds are available to assist Illinois communities meet their greatest economic and community development needs, with an emphasis upon helping persons of low-to-moderate income.
- Note
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"2007 ED GUIDE.doc"
"4/07"--Colophon.
- Physical Description
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90 p. :
forms ;
28 cm.
Viewability
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University of Illinois at Urbana-Champaign
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