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• Total Statewide Annual Allwation is over $33,000,000 <br />30%o Housing Rehabilitation 5% Commercial Revitalization <br />$9,900,000.00 $196509000.00 <br />Statewide Annual CDBG Allocation: $339000,000.00 <br />The CDBG program benefits Low & Moderate Income (LMI) persons. This project will provide job opportunities to LMI <br />persons with education levels of high school or below.. Grant funds will be used as a low interest loan to help finance <br />construction of an Assisted Living Facility. <br />:CRA Commitments: <br />LMI reouirement: CRA will employ 35 persons. At least 51% of the employees will have low to moderate (LMI) <br />income$ at the time of hiring. <br />Other funds: 87"/0 of project cost will be funded by a commercial loan and owner equity. <br />CDBG Fundls: CRA will use $690,000 as low. interest loan (13% of the project costs. <br />Demonatraled need: Without the CDBG loan, CRA cannot begin operations <br />County Commitments and Program Rules: <br />Grant responsibility: Indian River County is the GRANTAPPLICANT requesting a $750,000 Grant ($690,000 lo + <br />$60,000 grant administration). CRA Care Centers is the PARTICIPATING PARTY CRA will pay the loan back to the an <br />State. <br />Water and Sewer The County, through a developer agreement will serve the site with water and sewer facilities. <br />Deadlines: CDBG-ED funds are awarded on afirst- come first-served basis. The grant cycle opened Murch 31, 1999. In <br />order to receive funding, the application needs to be submitted as soon as possible. <br />Number otoyen Frants: The County can have an open CDBG housing or neighborhood grant and a CDBG economic <br />development grant. <br />APRIL 209 1999 <br />-27- roc FAGS <br />