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New grant program boosts business opportunities in underserved areas

June 05, 2024 | Oakland Park, Broward County, Florida



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This article was created by AI summarizing key points discussed. AI makes mistakes, so for full details and context, please refer to the video of the full meeting. Please report any errors so we can fix them. Report an error »

New grant program boosts business opportunities in underserved areas
During a recent government meeting, officials discussed the eligibility criteria for a new grant program aimed at supporting businesses in economically disadvantaged areas. The program, which is linked to a newly designated qualified census tract by the U.S. Department of Housing and Urban Development (HUD), allows businesses located in adjacent areas to apply for funding, even if they are not situated directly within the designated tract.

Commissioners clarified that while the grant program extends opportunities for businesses on the west side, it does not expand the boundaries of the Community Redevelopment Agency (CRA). The CRA, which focuses on economic redevelopment in underprivileged areas, requires a formal approval process from both county and state authorities for any boundary changes. The last CRA expansion occurred in the early 2000s, and the county has been hesitant to approve new designations since then.

The new grant initiative aims to replicate the successful funding model of the CRA, providing resources specifically for exterior improvements to commercial properties. It is important to note that the grants are available only to business owners and commercial tenants, not to residential property owners or residents. Tenants seeking to make improvements must obtain permission from their property owners.

This initiative reflects a concerted effort by local policymakers to enhance investment and support for businesses in areas identified as needing economic assistance, thereby fostering community development and revitalization.

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