Housing and Urban Development (HUD) announced $25,750,000 will be available through the Rural Innovation Fund (RIF) for rural housing and economic development activities. Single Purpose Grants fund projects proposing specific activities addressing a single need within a rural area. The maximum individual award within this category is $300,000. Covered activities include:
- Commissioning architectural & engineering plans
- Construction of innovative new housing units
- Demolition and/or rehabilitation of existing housing units to increase sustainability and/or energy efficiency
- Land acquisition
- Revolving loan programs and microlending programs to establish or grow local businesses and create jobs
- Direct financial assistance in the form of grants, loans and funding for Individual Development Accounts (IDAs) for affordable housing, entrepreneurship and economic development leading to job opportunities
Because many rural health entities, such as small rural hospitals, are important rural economic engines and address poverty issues within their communities, they are ideal candidates to receive a Single Purpose Grant. If you apply for a grant, CRHC’s Colorado STRIDES program could help you obtain assistance in measuring the economic impact of your project.
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