Public Benefit Standards for Certain Economic Development (ED) Activities Sample Clauses

Public Benefit Standards for Certain Economic Development (ED) Activities. Per 24 CFR 570.482(f), (g) and 570.483(b)(4), the Grantee is responsible for providing fulfillment of HUD required public benefit standards when activities under this Agreement qualify as special ED activities. The NDRC NOFA and Federal Register Notice FR-5936-N-01 waives the public benefit subsidy standards at 42 U.S.C. 5305(e)(3), 24 CFR 570.482(f)(1), (2), (3), (4)(i), (5), and (6), and 570.209(b)(1), (2), (3)(i), (4), for economic development activities designed to create or retain jobs when assisting for profit businesses (including, but not limited to, long-term loans, short-term loans, and grants for infrastructure projects). Grantee shall endure public benefit standards are reported and source documentation is maintained on compliance with these standards. An example of public benefit is creation or retention of jobs, so documentation of the jobs resulting from investment of NDR funds would be maintained. In addition, documentation of jobs within certain salary ranges; the average amount of assistance provided per job, by activity or program; the North American Industry Classification System (NAICS) code for each business assisted; and the types of jobs must be on file. HUD is also waiving 570.482(g) and 570.209(c) and (d) to the extent these provisions are related to public benefit. These Economic Development (ED) activities must also comply with CDBG’s six (6) underwriting standards, per 24 CFR Part 570.482(e).
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