IF YOU ARE: A community economic development organization or a for-profit developer of real estate development projects in urban and smart growth locations.

YOU CAN APPLY FOR:

• Loans to lenders: Up to $500,000 in loans for urban-based community organizations who in turn make loans to micro-enterprises and small businesses not qualified for traditional bank financing.
• Predevelopment funding: Up to $50,000 in funds for feasibility studies and other predevelopment costs that will determine the viability of a real estate project.
• Real estate funding: Up to $750,000 in loans to fill financing gaps in the development of community facilities and other real estate-based economic development projects, including associated environmental remediation costs.

BENEFITS: The Fund for Community Economic Development Program provides financial assistance to community-based organizations and for-profit developers to encourage urban revitalization.

FEES*:

• Application fee: $1,000
• Commitment fee: 0.875% of loan amount
• Closing fee: 0.875% of loan amount
• Division of Taxation Tax Clearance Certificate Application Processing Fee: $75 for standard processing; $200 for expedited processing (response within three business days)

*All fees are non-refundable.