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

Public Benefit Standards for Special Economic Development (ED) Activities. Pursuant to 24 CFR 570.482(f), (g) and 570.483(b)(4), RCAC 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). However, recipients of CDBG-NDR funding shall report and maintain documentation on the creation and retention of total jobs; the number 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. HUD is also waiving 570.482(g) and 570.209(c) and (d) to the extent these provisions are related to public benefit. Special ED activities must also comply with CDBG’s six (6) underwriting standards, per 24 CFR Part 570.482(e).