Part Three – Is a Redevelopment Assistance Capital Program Grant For You?
Once you have determined that the Redevelopment Assistance Capital Program (RACP) grant is right for you, there are four steps involved. We discussed the Legislative Process and the Pre-Award Process in the previous episode. The final two stages are the Post-Award Application and the Compliance and Reimbursement Process.
The Post-Award Application involves a twenty-two tab application. Do not be overwhelmed. Much of it has been addressed in the Pre-Award Application. The Post-Award Application focuses on the project information, permits and approvals, and legal considerations.
The Compliance and Reimbursement Processes
When awarded a grant, the first items you will receive are Special Conditions, which must be documented and returned within six months of the grant’s execution. Special conditions consist of additional documentation that Grantees are required to submit to receive grant funding.
Once you have complied with the project requirements and begin construction, you can submit a payment request to the state. The project must be ten percent complete to submit for reimbursement.
An RACP Audit marks the completion of the RACP process. The state holds between 2.5% and 10% of the grant funds until a year after the project’s completion. The final percentage of the grant is released after a state auditor reviews paperwork and compliance.