|
Economic Development Projects
The American Recovery and Reinvestment Act (ARRA) encourages economic development in many ways, such as providing money for training and education to help develop a work force that can compete, especially in high-growth and emerging industries. The federal government is making significant investments in science and technology to transform our economy and to stimulate industrial and commercial growth. In addition, the ARRA focuses federal stimulus funds on creating information technology opportunities to speed the development of a broadband infrastructure. The ARRA also recognizes that the nonprofit arts industry is an important sector of the economy and will fund arts projects and activities that preserve jobs in the nonprofit arts sector threatened by declines in philanthropic and other support during the current economic downturn.
Investing in Low-Income Communities
The ARRA provides $1.5 billion of New Markets Tax Credit (NMTC) authority to the U.S. Department of Treasury's Community Development Financial Institutions (CDFI) Fund for each fiscal year 2008 and 2009. Designated Community Development Entities (CDEs) are eligible to apply for NMTC's to provide below market financing for real estate and business development projects in low-income communities.
|
Proposal
|
Amount Requested
|
Funding
Source
|
Status
|
2008 New Market Tax Credit Application
In 2008, Seattle's Office of Economic Development (OED) was designated a CDE and applied for $45 million in NMTCs, but was not awarded credits. However, the additional $1.5 billion available in NMTCs under the Recovery Act meant that the City of Seattle could still have received an award based on its 2008 application. |
$45 million |
U.S. Department of Treasury |
Not recommended for funding |
|
2009 New Market Tax Credit Application*
Seattle's Office of Economic Development also applied for $70 million in 2009 New Markets Tax Credits.
*You must have Adobe Acrobat Reader Version 9 installed to view this file
|
$70 million
|
U.S. Department of Treasury
|
Not recommended for funding**
|
**NOTE: The City of Seattle received a $40 million allocation of New Markets Tax Credits, though this allocation was not made with ARRA funding. Seattle will use these tax credits to stimulate economic growth and help support commercial real estate in Seattle's low-income neighborhoods.
Providing Summer Jobs for Our Youth
The American Recovery and Reinvestment Act provides $1.2 billion to states to create summer employment for economically disadvantaged youth 16-24 years old who are most in need. These might include youth who are homeless, pregnant/parenting, foster youth, youth offenders, at risk of court involvement or those who are behind in school. Federal funds were divided among the states and then further divided among Washington State's 12 work force development councils based on a federal formula linked to rates of local poverty and unemployment.
|
Proposal
|
Amount Requested
|
Funding
Source
|
Status
|
|
Summer employment & training for Seattle youth
The City of Seattle's Youth Employment Program led a consortium to apply to the Workforce Development Council of King County for $1.1 million for summer employment (2009 summer only). These funds will create 325 summer jobs for Seattle's disadvantaged youth, as well as temporary employment for additional program coordinators and case managers this summer. This is in addition to the existing Seattle Youth Employment Program.
|
$1.1 million
|
Workforce Development Council of King County
|
Recommended for funding
|
Special Note: The group projects described in the attached application were in development at the time the application was submitted and were not necessarily the actual ones that would be offered. Please see the news release below for details regarding the actual employment opportunities.
Protecting Nonprofit Jobs in the Arts
The National Endowment for the Arts (NEA) is conducting a competitive grant process to distribute $50 million in federal stimulus funds to preserve jobs at-risk in the nonprofit arts sector. Applications were due April 2, 2009. Seattle submitted one proposal in the maximum amount allowed:
|
Proposal
|
Amount Requested |
Funding
Source |
Status
|
Support employment at local nonprofit arts organizations
Seattle will "re-grant" these funds through a competitive application and independent peer review process. Current Civic Partner organizations will be eligible to apply. (Seattle provides funds to organizations with a minimum three-year history of serving Seattle residents and visitors through its "Civic Partner" program.) In addition, more than 50 of Seattle's local arts organizations are also eligible to apply directly to the NEA for either $25,000 or $50,000 competitive grants. |
$250,000 |
National Endowment for the Arts |
Recommended for funding |
We will update this page with information regarding our specific proposals as they are submitted.
Bids for federal stimulus projects are posted on the City Purchasing Bid Advertisements & Announcements Web site.
Updated: November 17, 2009
|
