Employment Incentive Program

Georgia Department of Community Affairs, Community Development Block Grant Program

Summary:

The Employment Incentive Program (EIP) is a financing program that may be used in conjunction with traditional private financing to carry out economic development projects which will result in employment of low and moderate income persons. The program's objective is to assist economic development projects which will result in employment of low- and moderate-income persons in Georgia. Many types of public infrastructure projects, or loans to for-profit companies, can be financed with EIP funding. Projects creating opportunities for low- and moderate-income persons (at least 51% of total jobs created), greater job security, better working conditions, job training, enhancement of workplace skills, advancement opportunities, and benefits receive the greatest consideration. The project cap is $750,000 per project.

Projects creating opportunities for low- and moderate-income persons (at least 51% of total jobs created), greater job security, better working conditions, job training, enhancement of workplace skills, advancement opportunities, and benefits receive the greatest consideration.

Eligible Recipients:

Local Government

Eligible Recipients Detail:

Eligible applicants for funding under Georgia's EIP program are units of general-purpose local government. Excluded are metropolitan cities, urban counties and other units of government eligible to participate in HUD's entitlement programs for urban counties, or metropolitan cities.

Eligible Purpose:

Last Mile Connectivity; General Infrastructure (Attached to Job Creation)

Eligible Purpose Detail:

Eligible uses: Public water and sewer systems (e.g. distribution and/or collection lines), wastewater treatment projects, rail spurs, and various other types of public facilities. Financing for fixed assets including: land, new facilities, rehabilitation of existing facilities, machinery, equipment, etc.

Other Eligibility Criteria:

Non-entitlement areas

Funding Match/Terms:

Interest rates for loan projects are below market, generally fixed at 3%. Repayment period is typically five to fifteen years, depending on the asset financed.

Note/Additional Resources:

42 U.S.C. 5300-5320