Funding Sources for Economic Development - Financial Assistance Programs

Contents

• Introduction
• Federal Sources
• Washington State Sources
• Status of the American Recovery and Reinvestment Act (ARRA) Funding
• Community Development Financial Institutions
• Additional Resources
• Related MRSC Pages
  • Grant Resources for Washington Local Governments
  • Economic Development Program Incentives

Introduction

This page is a partial resource to various funding sources for economic development. A few general resources are listed below as an overview. See also MRSC's other economic development pages related to finance tools. These include: community renewal, parking and business improvement areas (PBIA), public development authorities (PDA), public facilities districts (PFD), tax increment financing in Washington: CRF, HBZ, LRF, LIFT, and financing tourism. Keep in mind that Washington laws may be different than other states. A tool used elsewhere may not be applicable in Washington.

• Council of Development Finance Agencies - Mission is to strengthen the efforts of state and local development finance agencies fostering job creation and economic growth through the use of tax-exempt and other public-private partnership finance programs and vehicles.
  • CDFA Bond Finance Resource Center
  • CDFA Tax Increment Finance Center
• Financing Economic Development, by Ralph J. Basile, et al., Urban Land, September/October 2011 (Available through MRSC Library Loan)
• Making Good Use of Economic Development Finance Tools (), by Michael J. Mucha, Public Finance Review, August 2009 - Review of Practitioner’s Guide to Economic Development Finance: Building and Utilizing the Development Finance Toolbox, by Toby Rittner, Council of Development Finance Agencies, 112 pages, 2009
• Public Sector Business Loan Funds: Views and Recommendations from Practitioners, A Joint Report of the National Association of Development Organizations (NADO) Research Foundation and the Development District Association of Appalachia, August 2010

Federal Sources

• Community Planning and Development, Housing and Urban Development
  • Economic Development
  • Rural Housing and Economic Development - An information clearinghouse providing technical assistance, training, and information resources to support rural housing and economic development
• Funding, Housing and Urban Development Library Resources
• Funding Opportunities, Economic Development Administration
• Small Business Administration
• U.S. Department of Agriculture Rural Development
  • Business Programs, Business and Cooperative Programs
  • Notice of Funds Availability

Washington State Sources

• Highways and Local Programs Grant Sources, Washington State Department of Transportation
  • Infrastructure Funding Sources Database
• Washington Economic Development Finance Authority (WEDA)
• Washington Housing and Finance Commission Nonprofit Facilities Financing - Among the projects funded are cultural, economic development, job training facilities
• Washington State Department of Commerce Doing Business Finance Tools
  • Community Development Programs
  • Bond Cap Allocation and Community Renewal
  • Community Economic Revitalization Board (CERB)
  • Loan and Bond Programs
• Washington State Public Works Board

Status of American Recovery and Reinvestment Act (ARRA) Funding

• Following the Money: GAO's Oversight of the Recovery Act, Government Accounting Office (GAO)
• Recovery Act, U.S. Department of the Treasury
• Recovery.Gov - U.S. government website that provides access to data related to Recovery Act spending and allows for the reporting of potential fraud, waste, and abuse
• Recovery.wa.gov - Washington State government website that provides information about how the federal economic recovery plan is being implemented in Washington state

Community Development Financial Institutions

• Community Development Institutions Fund (CDIF), U.S. Treasury
  • About CDIF
• Coalition of Community Development Finance Institutions
• Washington Community Development Institutions
  • Certified Community Development Financial Institutions - Alphabetical by State and City (), Community Development Institutions Fund, as of 03/31/2011 - Washington is listed on page 72
  • Enterprise Cascadia
  • Lending Network (), Lewis County EDC - Serving Cowlitz, Lewis, and South Thurston Counties
  • Seattle Investment Fund LLC - Created by the City of Seattle to help create a robust economy and broadly shared prosperity through investments of federal New Markets Tax Credits

Additional Resources

• National Association of Development Organizations (NADO) - Provides advocacy, education, peer exchanges and research for the nation’s regional development organizations
  • Economic Development Finance Services - Resources include small business finance, new market tax credits, revolving loan fund management
• Rural Community Assistance Corporation (RCRA) - Provides technical assistance, training and financing so rural communities achieve their goals and visions
  • Financing
  • RCRA in Washington

Funding Sources for Economic Development - Financial Assistance Programs Related MRSC Resources
MRSC Index – Financing economic development, government sponsored funding programs, loan programs