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Redevelopment Assistance Capital Program (RACP) Funding Now Open; CAEDC Can Assist

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On Monday, the Governor’s Office announced a new window for RACP applications, which will be open until August 19, 2022.

The RACP is a Commonwealth grant program administered by the Office of the Budget for the acquisition and construction of regional economic, cultural, civic, recreational, and historical improvement projects. RACP projects are authorized in the Redevelopment Assistance section of a Capital Budget Itemization Act, have a regional or multi-jurisdictional impact, and generate substantial increases or maintain current levels of employment, tax revenues, or other measures of economic activity. RACP projects are state-funded projects that cannot obtain primary funding under other state programs.

Eligible projects should be prepared with the following: a 50% match at the time of the application, a detailed cost estimate prepared by a qualified professional, site plans and renderings, site control documentation, project timeline with milestones and anticipated completion dates, information on end uses, documentation that supports intentions to fund and/or finance, any photos or articles relevant to the project, and ability to fund the project until reimbursement. A RACP project must have a total cost of at least $1,000,000. View the full list of eligibility guidelines here.

CAEDC (Cumberland Area Economic Development Corporation), through its partnership with the Cumberland County Industrial Development Authority (CCIDA), can assist with applications and the sponsorship of applications.

Due to this quick turnaround, if you have a project that is ready and meets requirements, please reach out to CAEDC by August 2nd.

This program is available sporadically throughout the year, if you have a project that may fit this program please contact Janet Anderson, CAEDC Director of Economic Development, to discuss options.

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