Washington Community Economic Revitalization Board Prospective Development Program

Link

View Program Website

Sponsor

Washington State Department of Commerce

Deadlines

Applications accepted on an ongoing basis

Contact

Janea Stark
Janea.Stark@commerce.wa.gov
360.252.0812

Barbara Smith
Barbara.Smith@commerce.wa.gov
360.764.9820

Purpose

The Prospective Development Program provides financing in the form of grants and loans for local governments and federally-recognized tribes in rural areas of Washington.

Eligible uses of funds include planning, acquisition, construction, repair, reconstruction, replacement, rehabilitation, and/or improvement of:

Bridges/roads/transportation
Buildings or structures
Domestic and industrial water
Earth stabilization
Electricity/natural gas
Port facilities
Rail
Sanitary sewer
Stormwater
Telecommunications
Research, testing, training, and incubation facilities in designated Innovation Partnership Zones

Eligibility

Applicants must be in rural communities in Washington state. Eligible applicants include:

Cities and towns
Counties
Federally recognized tribes
Municipal corporations
Quasi-municipal corporations
Public port districts
Special purpose districts

Project requirements:

Completed economic feasibility study
Evidence that the project will lead to the creation of a significant number of permanent jobs or generate significant private capital investment
Demonstrate the need for CERB assistance and that no other timely source of funding is available

Geographic coverage

Washington

Amount of funding

Loans up to $3,000,000

Interest rates: 1-3%
Term: Up to 20 years

Grants are available for up to 25% of the total award, determined by the underwriting process and debt service coverage ratio.

Applicants must provide a 50% cash match of the total project cost.

Application process

Links to additional guidance and the online application are available on the program website.

Applications are accepted on an ongoing basis. The Board meets every 2 months to consider projects and make funding decisions.

Community Economic Revitalization Board meeting schedule

Tagged as

Broadband · Capital funding · Community and economic development · Infrastructure · Planning and strategy methods and resources · Public health · Technology for health and human services · Transportation · Washington

For complete information about funding programs, including your application status, please contact funders directly. Summaries are provided for your convenience only. RHIhub does not take part in application processes or monitor application status.