The Kansas Department of Commerce has announced the recent award of a Community Development Block Grant (CDBG) Program grant. The Economic Development grant has been awarded to the city of Cheney, in the amount of $514,690.
The grant will be a loan to Albers Finishing & Solutions LLC. The funds will allow Albers to finance a sewer lift station, valve vaults and sewer lines. In addition to the CDBG Program grant, the company will provide $1 million in collateral, which will come in the form of state-of-the-art automated powder coating paint equipment.
The Economic Development grant from the CDBG program requires the creation of at least 15 full-time equivalent jobs within a 24 month performance period. At least 51 percent of the job creation must meet the Department of Housing and Urban Development’s (HUD) low-and-moderate income test.
Kansas Department of Commerce – Community Development Block Grant ProgramThe CDBG Program allows Commerce to distribute federal funds to Kansas cities and counties that want to improve their communities. To receive funds, a project must meet at least one of the following criteria:
• Project benefits low-and-moderate-income individuals. • Project removes or prevents slum or blight conditions. • Project eliminates an urgent need created by a disaster, when local funds are unavailable.
The six categories of CDBG Program funding are:
• Annual Competitive Round • Commercial Rehabilitation• Economic Development• Urgent Need• KAN STEP – Kansas Small Towns Environment Program• Neighborhood Stabilization Program
For more information on the Community Development Block Grant Program visit KansasCommerce.com/cdbg.