Economic Development
Who Needs Economic Development? Many communities desire to increase the local economy’s capacity to create wealth for local residents, particularly in local areas which have fallen behind in economic productivity. Economic development strengthens communities through more and higher paying jobs, increasing the local tax base, and diversifying the local economy.
Where Can Individuals Find Assistance? Individuals looking for assistance can:
What is HUD Doing to Support Economic Development? Three offices within the Office of Community Planning and Development administer programs to expand economic development within our communities. These programs reflect the extraordinarily diverse range of economic and community development needs among the nation's individual communities.
- The Promise Zones initiative will revitalize high-poverty communities across the country by attracting private investment, improving affordable housing, expanding educational opportunities, providing tax incentives for hiring workers and investing in the Zones, reducing violence, and assisting local leaders in navigating Federal programs and cutting through red tape . (Office of Community Renewal)
- Community Capital Initiatives, including Appalachia Economic Development Initiative (AEDI), Border Community Capital Initiative (BCCI), and Delta Community Capital Initiative (DCCI) are a collaborative effort among Federal agencies to increase access to capital for business lending and economic development in the chronically underserved and undercapitalized rural communities. (Office of Rural Housing and Economic Development)
- The Rural Innovation Fund (RIF) is designed to improve the quality of life for residents of distressed rural areas by supporting innovative and catalytic economic development and housing projects. (Office of Community Renewal)
- Community Renewal Initiative, including Empowerment Zone Communities and Enterprise and Renewal Communities, sought to reduce unemployment and generate economic growth through the designation of Federal tax incentives and award of grants to distressed communities. (Office of Community Renewal)
- The Rural Housing and Economic Development (RHED) Program provides grants on a competitive basis principally to non-profit organizations to support capacity building, housing, and economic development programs. (Office of Rural Housing and Economic Development)
- Section 4 Loan Guarantee Recovery Fund is authorized under the Church Arson Prevention 4 Act of 1996 to provide certain nonprofit organizations with a source of financing to rebuild property damaged or destroyed by acts of arson or terrorism. (Office of Rural Housing and Economic Development)
- Congressional Grants, including Neighborhood Initiative Grants and Economic Development Initiative Special Projects, are authorized each year in the annual HUD appropriation and accompanying conference report. Congress authorizes a specific level of funding to a designated grantee, to undertake a particular activity cited in the appropriation or conference report. Only those entities designated by Congress may apply for funds. (Office of Economic Development)
What Information Does HUD Provide? The HUD Exchange provides a hub for the latest Economic Development resources, updates, and information, including templates, news, guides, training manuals, and more.
- To receive CPD communications about program policy, upcoming trainings, resources, reporting deadlines, technical assistance and more, sign up on the Mailing List.
- For information on upcoming webinars, in-person workshops, and self-paced online training, go to Training and Events.
How Can My Organization Receive Funds? HUD does not provide assistance directly to citizens. If you are an interested citizen, contact your local municipal or county officials for more information. If your local government officials cannot answer your questions, or if you are a local official, contact the HUD Field Office that serves your area.
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