This site provides a summary of the various programs and initiatives in the Office of Economic Development and links to related federal economic development programs.
Rural Innovation Fund (RIF)
The Rural Innovation Fund (RIF) is a program designed to improve the quality of life for residents of distressed rural areas by supporting innovative and catalytic economic development and housing projects.
The Promise Zones is an initiative that wll 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.
Renewal Community/ Empowerment Zone/ Enterprise Community (RC/EZ/EC) Initiative
The RC/EZ/EC Initiative is vital to development in more than 100 distressed urban and rural areas nationwide. The Initiative, through a combination of innovative tax incentives, federal grants, and partnerships with government, for-profit and non-profit agencies, has opened new businesses and created jobs, housing, and new educational and healthcare opportunities for thousands of Americans.
Brownfields Economic Development Initiative (BEDI)
The BEDI provides grants on a competitive basis to local entitlement communities. Non-entitlement communities are eligible as supported by their state governments. BEDIs must be used in conjunction with loans guaranteed under the Section 108 Program. Communities fund projects with the BEDI grants and the 108 guaranteed loan financing to clean up and redevelop environmentally contaminated industrial and commercial sites, commonly known as "brownfields."
Rural Housing and Economic Development (RHED)
Enacted in 1999, RHED provides grants on a competitive basis principally to non-profit organizations to support capacity building, housing, and economic development programs.
Section 108 Loan Guarantee Program (Section 108 Program)
Community Development Block Grant (CDBG) entitlement communities are eligible to apply for a guarantee from the Section 108 Loan Guarantee program. CDBG non-entitlement communities may also apply, provided that their State agrees to pledge the CDBG funds necessary to secure the loan. Non-entitlement applicants may receive their loan guarantee directly or designate another eligible public entity such as an industrial development authority, to receive it and carry out the Section 108 assisted project.
Section 4 Guarantee Recovery Fund
Section 4 is a loan guarantee provision authorized under the Church Arson Prevention 4 Act of 1996 (the Act). It authorizes a Loan Guarantee Recovery Fund to provide certain nonprofit organizations with a source of financing to rebuild property damaged or destroyed by acts of arson or terrorism.
Congressional Grants 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 desginated by Congress may apply for funds. Unsolicited applications are not accepted.
Economic Development Initiative (EDI)
This program has not been funded since FY 2001. The EDI provides grants on a competitive basis to entitlement communities. Non-entitlement communities are eligible as supported by their state governments. EDIs must be used in conjunction with loans guaranteed under the Section 108 Program to enhance the feasibility of economic development and revitalization projects financed with Section 108 Loan Guarantee funds. No new grants are being awarded.