Yesterday, Governor Shapiro announced the opening of a new application window for the Redevelopment Capital Assistance Program (RACP). This Commonwealth reimbursement grant program provides financial assistance for the acquisition and construction of regional economic, cultural, civic, and historical improvement projects.
RACP is a vital tool for communities across Pennsylvania. It helps to create jobs, boost tax revenues, and improve the quality of life for residents. The governor has extended the application deadline to 11:59 p.m., Friday, January 12th.
To be eligible for RACP funding, projects must meet the following criteria:
- Be authorized in the Redevelopment Assistance section of a Capital Budget Itemization Act
- Have a regional or multi-jurisdictional impact
- Generate substantial increases or maintain current levels of employment, tax revenues, or other measures of economic activity
- Have a total project cost of at least $1,000,000
- Be eligible for tax-exempt bond funding under existing Federal law and regulations
- Have at least secured 50% non-state financial participation
For more information about RACP and how to apply, please click here to visit the Budget Office website. If you have a qualified project, don’t miss out on this opportunity to make a difference in your community! Contact your local state Representative and State Senator about applying for RACP funding. Additional details, including a newly streamlined application process, will be provided in Monday’s edition.