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Sunday, December 22, 2024

EDA Regional office of Philadelphia awards grant to Philadelphia Authority for Industrial Development

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The EDA Regional office of Philadelphia awarded an Opportunity Zone grant to the Philadelphia Authority for Industrial Development on July 24, 2020 with a total project amount of $7,458,000 from the US Economic Development Administration.

The U.S. Economic Development Administration offered the following description of this project:

"As part of EDA's CARES Act Recovery Assistance, this investment capitalizes a $6,780,000 Revolving Loan Fund (RLF) to lend to borrowers in the following geographic region: City of Philadelphia in Pennsylvania. This EDA investment also provides $678,000 to defray the cost of administering the RLF. The EDA investment will alleviate sudden and severe economic dislocation caused by the coronavirus (COVID-19) pandemic, provide permanent resources to support economic resiliency, and further the long-term economic adjustment objectives of the region served by this EDA investment."

According to the Internal Revenue Service, opportunity zones were added to the tax code under The Tax Cuts and Jobs Act of 2017. The bill has come under some criticism for creating another big tax break for the ultra-wealthy.

The EDA is a federal government agency that focuses exclusively on economic development.The agency solicits applications for funding in order to support construction, non-construction planning, technical assistance, and revolving loan fund projects under the agency's Public Works and the Economic Adjustment Assistance (EAA) programs. Grants made under these programs are designed to advance economic development in distressed communities.

Other grants awarded out of the EDA Regional office of Philadelphia in 2020
Grantee NameTotal Project FundingGrant Award Date
New Bedford$20,000,000Sept. 28
Franklin County$13,847,215Sept. 28
West Virginia Economic Development Authority$10,340,000Sept. 25
Virginia Small Business Financing Authority$10,260,920July 24
Atlantic City$9,600,000Sept. 1
Regional Development Funding Corporation$7,601,000July 24
Lycoming County$7,000,000Feb. 24
Huntington Stormwater Utility$6,455,300Aug. 3
SEDA-Council of Governments$6,325,000July 24
Northwest PA Regional Planning & Development Commission$5,409,091July 1
Southern Alleghenies Planning and Development Commission$4,320,000July 24
Beverly$4,052,000Sept. 28
Johnstown Redevelopment Authority$3,900,000Apr. 22
Southern Tier Network$3,881,484Apr. 23
Gloucester$3,522,412Sept. 28
Community Investment Corporation$3,465,000July 23
Grandview Doolin Public Service District$3,225,142Sept. 28
University of Rhode Island Research Foundation$3,100,000Aug. 14
Venango County Economic Development Authority$3,016,000Jan. 27
Pulaski$2,500,000Sept. 3
Benedum Airport Authority$2,493,499Aug. 3
Bucks County Industrial Development Authority$2,455,600July 24
Coalfield Development Corporation$2,184,600Aug. 3
Economic Development Council of Northeastern Pennsylvania$2,178,000July 24
Yeshiva University$2,000,000Apr. 23
Southeastern Connecticut Enterprise Region Corporation$1,936,000July 23
North Central Pennsylvania Regional Planning and Development$1,936,000July 24
Newport News - Department of Development$1,596,000July 24
Central West Virginia Regional Airport Authority$1,522,966Sept. 28
Mattapoisett$1,470,000Feb. 28
Indiana County$1,353,000July 24
Somerset$1,293,118Sept. 9
Rockingham Economic Development Corporation (REDC)$1,250,000May 26
True Access Capital Corporation$1,199,000July 23
Southwestern Pennsylvania Commission$1,100,855July 24
Vermont Community Loan Fund$1,056,000July 24
Lawrence Partnership$893,939Dec. 10
Operation Hope$850,226June 22
SEDA - Council of Governments (SEDA-COG)$785,450July 14
Cumberland Plateau Planning District Commission$770,000July 24
Lynchburg$726,000July 24
Maine Space Grant Consortium$704,030Sept. 25
Patrick Henry Community College$682,496Dec. 16
Wilmington Economic Development Corporation$616,000July 23
Rhode Island Infrastructure Bank$600,000May 6
Northeastern Pennsylvania Industrial Resource Center$550,000July 24
Burlington Electric Department$550,000July 24
Springfield Regional Development Corporation$550,000July 24
Norfolk$549,900July 24
Allegheny County Industrial Development Authority$530,000July 24
Venture Cafu00E9 Foundation$518,870Mar. 23
The Enterprise Center Community Development Corporation$400,000Sept. 10
Pawtucket$287,500July 23
Northeastern University$274,431Apr. 8
Breaks Regional Airport Authority$150,000Nov. 30
Marshall University Research Corporation$147,387Mar. 11
Region IV Planning and Development Council$140,000Jan. 22
South Jersey Economic Development District$140,000Mar. 4
Southern Tier Central Regional Planning and Development Board$140,000Mar. 4
Eastern Maine Development Corporation$140,000Mar. 4
Androscoggin Valley Council of Governments$140,000Mar. 4
Northern Neck Planning District Commission$140,000Mar. 4
Montachusett Regional Planning Commission$140,000Mar. 5
Rockingham Economic Development Corporation$140,000Mar. 11
New River Valley Regional Commission$140,000May 28
Tri-County Council for the Lower Eastern Shore of Maryland$140,000May 28
Capital District Regional Planning Commission$140,000May 28
Mid-Shore Regional Council$140,000May 28
Franklin Regional Council of Governments$140,000May 28
Eastern Vermont Economic Development District, Inc.$140,000May 28
North Central Pennsylvania Regional Planning and Development Commission$140,000May 28
Regional Intergovernmental Council$140,000June 1
Southside Planning District Commissions$140,000June 1
Region 11 Council$140,000June 1
Southeastern Connecticut Enterprise Region Corporation$140,000June 1
Region 8 Planning and Development Council$140,000June 1
Southwestern Pennsylvania Corporation$140,000June 1
Bel-O-Mar Regional Council$140,000June 1
Greater Portland Council of Governments$140,000June 1
Midcoast Economic Development District$140,000June 1
Region I Planning and Development Council$140,000June 1
Strafford Regional Planning Commission$140,000Aug. 21
Southern Tier East Regional Planning Development Board$140,000Dec. 16
Mohawk Valley Economic Development District$140,000Dec. 16
Lenowisco Planning District Commission$140,000Dec. 17
Southeastern Regional Planning and Economic Development District$140,000Dec. 17
Region IV Planning and Development Council$140,000Dec. 17
Central New York Regional Planning and Development Board$140,000Dec. 17
Northwest Hills Council of Governments$139,409June 1
West Piedmont Planning District Commission$116,667Mar. 4
Pioneer Valley Planning Commission$116,667May 28
Region 2 Planning and Development Council$116,667June 1
Metropolitan Area Planning Council$105,000May 28
Region 7 Planning & Development Council$100,000Mar. 5
Merrimack Valley Planning Commission$100,000May 28
Crater Planning District Commission$100,000May 28
Mid-Ohio Valley Regional Planning and Development Council$87,500Mar. 5
University of Charleston$80,000Aug. 31
Saint Regis Mohawk Tribe$47,000May 28

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