Community Economic Development Fund
The Community Economic Development (CED) fund is designed to support economic development activities, particularly those creating employment opportunities for low- and moderate- income persons in Virginia Community Development Block Grant Eligible Localities.
Assistance is limited to projects involving employment creation by private, for-profit basic industries. Projects involving commercial development or other types of job creation may be eligible for competitive grant funding.
Activities eligible for CED funding include off-site improvements related to industrial location or expansion, including water and sewer system improvements, streets, and drainage. On-site improvements are also eligible, pending underwriting, but the funding required for these improvements will be provided to localities in loan form.
Approximately $2.5 million is available each year under the CED fund. Up to $700,000 is available per project. Proposals are received on an open basis by the Virginia Department of Housing and Community Development from January through September or until all funding has been obligated.
For further information, refer to the VCDBG Program Design or contact: PMOCDBG@dhcd.virginia.gov or (804) 371-7068.
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