Source: https://www.federalgrantswire.com/economic-adjustment-assistance.html
Timestamp: 2019-06-17 08:58:35
Document Index: 271722830

Matched Legal Cases: ['§ 3149', '§ 304', '§ 3122', '§ 300', '§ 300', '§ 301', '§ 300', '§ 301']

Economic Adjustment Assistance - Federal Grants Wire
To address the needs of distressed communities experiencing adverse economic changes that may occur suddenly or over time, and generally result from industrial or corporate restructuring, new Federal laws or requirements, reduction in defense expenditures, depletion of natural resources, or natural disaster. Economic Adjustment Assistance grants are intended to enhance a distressed community's ability to compete economically by stimulating private investment in targeted areas. Current investment priorities include proposals that focus on (a) Collaborative Regional Innovation, (b) Public/Private Partnerships, (c) National Strategic Priorities, (d) Global Competitiveness, (e) Environmentally-Sustainable Development, (f) Economically Distressed and Underserved Communities. For more information on these investment priorities and current funding opportunities, go to http://www.eda.gov.
Section 209 of the Public Works and Economic development Act of 1965, as amended (PWEDA), (42 U.S.C. § 3149).
Pursuant to PWEDA, eligible applicants for and recipients of EDA investment assistance include a State, city, county, or other political subdivision of a State, including a(n): (a) District Organization as defined in 13 CFR § 304.2; (b) Indian Tribe or a consortium of Indian Tribes; (c) State, city, or other political subdivision of a State, including a special purpose unit of a State or local government engaged in economic or infrastructure development activities, or a consortium of such political subdivisions; (d) institution of higher education or a consortium of institutions of higher education; or (e) public or private non-profit organization or association acting in cooperation with officials of a political subdivision of a State. See section 3 of PWEDA (42 U.S.C. § 3122) and 13 CFR § 300.3. Projects eligible for Economic Adjustment investment assistance also include those located in regions meeting “Special Need” criteria as defined in 13 CFR § 300.3. For-profit, private sector entities do not qualify for Economic Adjustment assistance under PWEDA. Therefore, EDA will not provide investments directly to individuals or for-profit entities. Such requests may be referred to State or local agencies, or to non- profit economic development organizations. As used in this paragraph, 'State' includes the Commonwealth of Puerto Rico, the U.S. Virgin Islands, Guam, American Samoa, and the Commonwealth of the Northern Mariana Islands, the Republic of the Marshall Islands, the Federated States of Micronesia, and the Republic of Palau.
Beneficiaries of investments made under Economic Adjustment are those communities who satisfy one or more of the economic distress and/or “Special Need” criteria set forth in 13 C.F.R.§ 301.3(a) and 13 C.F.R. § 300.3 to revitalize, expand, or upgrade their economic development assets to attract new industry, encourage business expansion, diversify their local economies, and generate or retain long-term private sector jobs and capital investments. Investments are intended to alleviate long-term deterioration and sudden and severe economic dislocation in distressed communities and regions.
To be considered for EDA investment assistance, applicants must first submit a complete EDA application package. EDA conducts its review of applications on a quarterly cycle. Applicants must provide a complete application that includes: a copy of the region's Comprehensive Economic Development Strategy (CEDS); letters of commitment to document matching funds; a USGS map of the site; letter of commitment from private beneficiaries of the project; comments from the metropolitan area review/clearinghouse agency; a legal opinion and other documentation, as necessary, verifying the applicant's answer to questions regarding project ownership, operation, maintenance, and management; an engineering report; an Environmental Assessment (and possibly an Environmental Impact Statement if deemed necessary); and documented approval from the State Historic Preservation Officer (SHPO). Non-profit applicants will be required to submit additional documentation, such as a Certificate of Good Standing, Articles of Incorporation, and other documents as applicable for the project. Applicants should refer to the specific requirements of the current Federal Funding Opportunity to determine what documents must be submitted at the time of submission. 2 CFR 200, Subpart E - Cost Principles applies to this program.
The Economic Adjustment Assistance Program provides a wide range of technical, planning and public works and infrastructure assistance in regions experiencing adverse economic changes that may occur suddenly or over time. This program is designed to respond flexibly to pressing economic recovery issues and is well suited to help address challenges faced by U.S. communities and regions. To be eligible, a project must be located in or benefit a region that, on the date EDA receives an application for investment assistance, satisfies one or more of the economic distress criteria set forth in 13 C.F.R. § 301.3(a). All investments must be consistent with a current EDA- approved Comprehensive Economic Development Strategy (CEDS) or equivalent strategic economic development plan for the region in which the project will be located, and the applicant must have the required local share of funds committed, available, and unencumbered. Applicants must be able to start and complete proposed projects in a timely manner consistent with award terms and conditions. Recipients must award contracts in accordance with proper procurement procedures and ensure that contractors pay Davis-Bacon wage rates. Indirect costs are not allowed on construction projects. All grants awarded are competitive in nature. EDA does not award formula grants.
No program reports are required. No cash reports are required. Project progress and financial reports are required, generally on a quarterly basis, as required by the Special Terms and Conditions governing the award. EDA reviews progress and financial reports for compliance with all award terms and conditions, as well as EDA regulations. EDA requires the submission of the SF-425 Federal Financial Report. EDA reserves the right to conduct site visits on an as-needed basis..
In accordance with the provisions of 2 CFR 200, Subpart F - Audit Requirements, non-Federal entities that expend financial assistance of $750,000 or more in Federal awards will have a single or a program-specific audit conducted for that year. Non-Federal entities that expend less than $750,000 a year in Federal awards are exempt from Federal audit requirements for that year, except as noted in 2 CFR 200.503. Single or program-specific audits shall be performed. The applicant is reminded that EDA or the Department of Commerce’s Office of Inspector General also may conduct an audit of an award at any time.
(Project Grants (Cooperative Agreements)) FY 14 $59,603,472; FY 15 est $35,000,000; and FY 16 Estimate Not Available