EDA Recovery Act Funding

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Under this federal funding opportunity (FFO) announcement, EDA is soliciting applications for the EDA American Recovery Program under the auspices of PWEDA. Specifically, the FFO pertains to applications for funding under EDA’s Public Works and Economic Adjustment Assistance programs only. Under this FFO, EDA will give priority consideration to those applications that will significantly benefit regions “that have experienced sudden and severe economic dislocation and job loss due to corporate restructuring,” as stipulated under the Recovery Act. EDA provides financial assistance to distressed communities in both urban and rural regions. Such distress may exist in a variety of forms, including high levels of unemployment, low income levels, large concentrations of low-income families, significant declines in per capita income, large numbers (or high rates) of business failures, sudden major layoffs or plant closures, trade impacts, military base closures, natural or other major disasters, depletion of natural resources, reduced tax bases, or substantial loss of population because of the lack of employment opportunities. EDA’s experience has shown that regional economic development to help alleviate these conditions is effected primarily through investments and decisions made by the private sector. Under the EDA American Recovery Program, EDA will help restore, replace and expand economic activity in regions that have experienced sudden and severe economic dislocation and job loss due to corporate restructuring, and prioritize projects that will diversify the economic base and lead to a stronger, more globally competitive and resilient regional economy. EDA’s economic development activities help create jobs by encouraging business inception and growth.

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