§ 1807.403. Economic Development Activities.
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/us/cfr/t12/s§ 1807.403·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
A CMF Award used for Economic Development Activities must stabilize, sustain, or revitalize communities and neighborhoods to meet the requirements set forth herein. For each individual CMF Award round, the Recipient may use no more than 30 percent of its CMF Award for Economic Development Activities, if such use is approved in its applicable Assistance Agreement.
(a)Eligible uses. A Recipient may use its Economic Development Activity Fund to finance and/or support Economic Development Activities through any Eligible Use pursuant to § 1807.301 except for Affordable Housing Fund.
(b)Minimum use Term. Community Service Facilities or physical structures resulting from Economic Development Activities must be used for allowable Economic Development Activities for a minimum of three years commencing with Project Completion.
(c)Concerted strategy. Economic Development Activities must complement and be undertaken as part of a Concerted Strategy that includes, but is not limited to, education, employment, transportation, financial services, commercial goods and services and other opportunities in a Low-Income Area or Underserved Rural Area.
(d)In Conjunction with Affordable Housing Activities. Economic Development Activities must be:
(1)Located in a Low-Income Area or Underserved Rural Area;
(2)Undertaken in conjunction with any affordable housing that is subject to or authorized by local, State or Federal laws; and
(3)Reasonably available, physically proximate, and benefit residents of such affordable housing. For a Metropolitan Area, the Economic Development Activities must be located within the same census tract or within one mile of such affordable housing. For a Non-Metropolitan Area, Economic Development Activities must be located within the same county, township, or village, or within 10 miles of such affordable housing.