REDC is pleased to announce a $500,000 Community Development Block Grant (CDBG) from the Community Development Finance Authority (CDFA) has been awarded through the Town of Salem and REDC to Salem Ford, for equipment and soft costs for the auto dealership located at 60 South Broadway, Salem, NH 03079. The site was formerly the Rockingham Racetrack.
The result of this award will help create 25 jobs, of which 15 will be made available to persons of low- and moderate-income.
CDFA distributes CDBG grants to New Hampshire’s cities, towns, and counties. A nonprofit agency may also apply through its municipality or county as a sub-recipient of CDBG money. All eligible municipalities and counties can apply for up to $500,000 in CDBG funds per year.
CDBG Economic Development grants provide funds which create and retain employment, primarily for low- and moderate-income people. Business financing is provided through Regional Development Corporations (RDC) and other Economic Development Entities (EDE), or through public facility improvements to support economic development efforts. The main goal in this category is to create jobs that provide good wages, benefits, and training programs. CDBG Economic Development Funds can be used for acquisition of land and buildings, construction of commercial buildings, purchase of machinery and equipment, employee training, and public facilities improvements. The program is sponsored by the U.S. Department of Housing and Urban Development (HUD).