CED Fact Sheet
PROGRAM NAME: COMMUNITY ECONOMIC DEVELOPMENT (CED)
To support employment and commercial development projects designed to provide economic self-sufficiency for low-income residents and their communities.
Section 680 of the Community Services Block Grant Act (P.L. 105-285), as amended.
In FY 2015, $29.83 million
In FY 2014, $29.59 million
Private, non-profit organizations that are Community Development Corporations (CDCs) including faith-based organizations, and Tribal and Alaskan Native organizations. CDCs must be governed by a tripartite board of directors that consists of residents of the community served, and local business and civic leaders. CDCs must have as their principle purpose planning, developing or managing low-income housing or community development projects.
Low-income individuals residing in the project's service area.
Grants are awarded for the following project costs:
- Startup or expansion of businesses, physical, or commercial activities;
- Capital expenditures such as the purchase of equipment or real property;
- Allowable operating expenses; and
- Loans or equity investments.
Type of Grant:
Competitive Discretionary Grant
CED projects are expected to actively recruit low-income individuals to fill the positions created by CED-funded development activities, and to assist those individuals to successfully hold those jobs and ensure that the businesses and jobs created remain viable for at least one year after the end of the grant period.
CED awarded 40 grants in FY 2014, which are expected to support the creation of over 1,500 jobs. Award amounts varied from $150,000 to $800,000.
Beginning in 2011, the CED program partnered with U.S. Departments of Agriculture and U.S. Department of the Treasury in the Healthy Food Financing Initiative (HFFI). The goal of HFFI is to expand the availability of nutritious food, including developing and equipping grocery stores, small retailers, corner stores, and farmers markets selling healthy food. In FY 2014, CED awarded 14 HFFI grants. Award amounts varied from $225,000 to $800,000, and are expected to support the creation of over 490 jobs. Funds may cover project costs for business start-up or expansion and the development of new products and services.
CED grants attract additional private and public dollars: for every CED dollar awarded, $3-5 is leveraged.
Projects funded include business incubators, shopping centers, manufacturing businesses and agriculture initiatives.
Community Economic Development Program, OCS