Appalachia Economic Development Initiative

AEDI?s goal is to increase access to capital for business lending and development in the chronically under-served and under-capitalized Appalachian region.

Specifically, it will provide direct investment and technical assistance to community development lending and investing institutions in areas

credit: Wikipedia
of the Appalachian Region that suffer from a lack of capacity to support business development.

The AEDI will coordinate with ARC?s economic development programs such as the ACC intermediary to identify areas within the Appalachian Region that are most in need of lending and investment capacity.

The AEDI will provide funding and assistance to local rural non-profit organizations that will increase the capital and support available to businesses in under-served communities and enhance the effectiveness of economic development programs for these areas.

Agency - Department of Housing and Urban Development

The Department of Housing and Urban Development's mission is to increase homeownership, support community development and increase access to affordable housing free from discrimination. HUD fulfills this mission through high ethical standards, management and accountability, and by forming partnerships with community organizations.





Program Accomplishments

Fiscal Year 2016: No budget funds were received in FY2016. Fiscal Year 2017: No Current Data Available Fiscal Year 2018: No Current Data Available

Uses and Use Restrictions

Innovative economic development uses, including but not limited to loan or investment capital, loan loss reserves, program staff costs, information systems, market studies, portfolio analyses, business planning, and other activities supporting the program goals.

Award must be used to support the eligible activities.

Eligibility Requirements

Applicant Eligibility

Applicants that are eligible to participate in this initiative are State community and/or economic development agencies that apply on behalf of local rural nonprofit organizations in the Appalachia Region.

Applicants may serve markets other than Appalachia residents and communities, using other sources of financing.

Beneficiary Eligibility

Eligible target markets for use of AEDI funds include geographic areas and/or populations, as described below. Geographic areas include the 420 counties in 13 states that make up the Appalachia Region, as defined by the Appalachian Regional Commission. Appalachian Regional Commission (ARC) is a federal-state partnership working to stimulate economic development. The ARC is composed of the governors of the 13 Appalachian states and a federal co-chair, who is appointed by the president. Local participation is provided through multi-county local development districts. The thirteen states that are included in the region are: Alabama, Georgia, Kentucky, Maryland, Mississippi, New York, North Carolina, Ohio, Pennsylvania, South Carolina, Tennessee, West Virginia, and Virginia.

Credentials/Documentation

No Credentials or documentation are required. This program is excluded from coverage under 2 CFR 200, Subpart E - Cost Principles.

Aplication and Award Process

Preapplication Coordination

Preapplication coordination is not applicable.

Environmental impact information is not required for this program.

This program is excluded from coverage under E.O.

12372.

Application Procedures

2 CFR 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards applies to this program. The AEDI Competition has been completed according to application procedures and instructions included in the FY2014 AEDI NOFA and the FY2014 General Section.

Award Procedures

HUD will review eligible submitted applications and determine application scores. Once rating scores are assigned, rated applications well be listed in ranked order. HUD will send written notifications to both successful and unsuccessful applicants. After award, grantees will submit their action plan and budget into HUD's web based system prior to approval to draw down. Applicants will be given the opportunity to amend their budget according to the grant award, in the event HUD awards less than the requested amount prior to entering into the grant agreement. HUD will approve the action plan(s) or notify the grantee of matters that need to be addressed prior approval.

Deadlines

Not Applicable.

Authorization

Departments of Veterans Affairs and Housing and Urban Development, and Independent Agencies Appropriations Act, 1999, Public Law 105-276.

Range of Approval/Disapproval Time

From 30 to 60 days. The AEDI Competition has been completed and awards were announced March 30, 2015.

Appeals

Not Applicable.

Renewals

Not applicable.

Assistance Considerations

Formula and Matching Requirements

This program has no statutory formula. This program has no matching requirements. This program has no matching requirements. MOE requirements are not applicable to this program.

Length and Time Phasing of Assistance

Awards will be made available for a period of 36 months from the date of execution of the grant agreement. Method of awarding/releasing assistance: by letter of credit.

Post Assistance Requirements

Reports

Grantees are required to report to HUD, as specified in the grant agreement.

Performance reports shall include reports on both performance and financial progress under action plans and shall include reports on the commitment and expenditure of leveraging resources utilized through the end of the reporting period.

Through the end of the reporting period.

Reports shall conform to the reporting requirements of the 24CFR part 84 CFR part 85.

Information on reporting requirements and procedures was made available in Notice of Funds Availability published in FY2014.

Information on reporting requirements and procedures was made available in Notice of Funds Availability published in FY2014.

Information on reporting requirements and procedures was made available in the Notice of Funds Availability published in FY2014.

Information on reporting requirements and procedures was made available in the Notice of Funds Availability published in FY2014.

Audits

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.

Records

Applicants must maintain records to satisfy the reporting requirements listed above and in the FY2014 AEDI NOFA.

Financial Information

Account Identification

86-0324-0-1-604.

Obigations

(Project Grants) FY 16 $0; FY 17 est $0; and FY 18 est $0 - This is a one time program using recaptured money from the RHED program.

Range and Average of Financial Assistance

Up to $1,000,000.

Regulations, Guidelines, and Literature

Information on specific regulations and guidelines were made available in Notice of Funds Availability published the FY2014.

Information Contacts

Regional or Local Office

None.

Headquarters Office

Thann Young Office of Rural Housing and Economic Development U.S. Department of Housing and Urban Development 451 7th Street SW, Room 7137 , Washington DC, District of Columbia 20410 Email: thann.young@hud.gov Phone: 1-877-787-2526

Criteria for Selecting Proposals

Information on application review and selection criteria was made available in the Notice of Funds Availability published in the FY2014.



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