FY 2008 Annual Action Plan (Action Plan: One Year Use of Funds -- III.C.5.)
Awards are made continuously from April 1, 2008 through March 31, 2009 subject to the availability of funds.

• A firm financial commitment from the private sector. A fresh equity investment from private and other public sources must exceed the total CDBG request.
• Cost per new, full-time job created must not exceed $15,000 for a loan or $10,000 for a grant.
• A minimum of 10 jobs created.
• Employment of a minimum of 51 percent of persons whose household income is within low-to-moderate income limits.
• Documentation on the management, marketing, financial and economic feasibility for the proposed activities.

The review factors consist of the following: project creditworthiness; sufficient developer equity; the ratio of private funds to public funds; the number of jobs that will result in proportion to the money invested; the security offered for the CDBG loans; and the applicant’s performance with any prior CDBG grants or loans from the State.

Economic development activities must be consistent with the FY 2008 Action Plan.