Atlantic County Improvement Authority (ACIA) will be administering approximately $6 million of the Community Development Block Grant Funds allocated to prepare, prevent & respond to the corona virus pandemic.
The money allocated to Atlantic County will be divided into 3 parts:
The balance of the funds are reserved for administrative costs and to reallocate to the above activities as needed.
The application process will open on or about November 6th and will be posted on the ACIA’s website - https://www.acianj.org/
Forgivable Loans Program Description:
Loans will be made up to $25,000 at 3% interest and require personal guarantees by all owners with a 20% or greater share of the business.
Principal and Interest will be deferred for a period of two years at which time the loan will be forgiven provided the company remains in business.
Rental Mortgage Assistance Program:
The CDBG-CV Short Term Emergency Rental and Mortgage Assistance Grant Program will provide temporary rental and mortgage assistance, for up to six months, to low- and moderate-income households that have had a substantial reduction in income or became unemployed due the COVID- 19 pandemic.
Competitive Applications for Eligible Projects:
Buildings and Improvements, Including Public Facilities:
1. Acquisition, construction, reconstruction, or installation of public works, facilities, and site or other improvement.
2. Construct a facility for testing, diagnosis, or treatment.
Rehabilitate a community facility to establish an infectious disease treatment clinic.
3. Acquire and rehabilitate, or construct, a group living facility that may be used to centralize patients undergoing treatment.
The Improvement Authority anticipates that we will begin taking individual applications for the County Wide Forgivable Business Loan Program and County Wide Rental/Mortgage Assistance Program within the next two weeks.
They will have the necessary approvals in place to begin to draw the first round of funds that will provide enough to get started.
For the Competitive Application Phase we anticipate hosting virtual meetings with the County and Municipalities to discuss Eligible Activities and invite applications.
These meetings and application submissions will occur simultaneously with the process we are undertaking to secure grant agreements and complete other program requirements to access the funds.