Is a Redevelopment Assistance Capital Program Grant For You?
The Redevelopment Assistance Capital Program Grant (RACP) is a Pennsylvania grant program. The Office of the Budget hands out the grants for various types of projects that can’t obtain primary funding under other state programs. Generally, the RACP is used for the acquisition or construction of regional improvement projects, including economic, cultural, recreational, historical and civic projects.
Is the RACP Right for Your Project?
It is the right fit for you if:
– The project is a vertical, commercial construction project that adds cultural, civic or community value to the neighborhood.
– The project adds jobs, employment tax revenues or any other economic benefit to the community.
It is NOT right for you if:
– It’s a city revitalization or improvement zone.
– The project is already receiving a large number of state funds like Pennvest or PennDOT grants.
Once you have determined that the RACP grant is right for you, there are four steps involved.
- Legislative Process
- Pre-Award Application
- Post-Award Application
- Compliance and Reimbursement Process
Check out the next two parts of this series for more information on the four steps of RACP and how to apply for funding.