Economic Development Recovery and Resiliency Playbook - Flipbook - Page 109
What Can I Do With the Money? Generally, in an EIFD, you may purchase, improve, develop, rehabilitate, etc., public capital
facilities or projects of “communitywide significance” that include:
• Roads
• Transit facilities
• Parking facilities
• Sewer treatment/water reclamation
• Flood control
• Child care facilities
• Libraries
• Parks
• Recreational facilities
• Facilities for solid waste
• Brownfield restoration/mitigation, including Polanco Act powers
• Projects on former military bases
• Afordable housing
• Industrial structures
• Port/Harbor infrastructure
With a CRIA, you have more flexibility to invest directly in economic development eforts in addition to infrastructure. A CRIA
may fund:
• Infrastructure improvements
• Afordable housing
• Hazardous substance remediation, including Polanco Act powers
• Building and other physical improvements
• Acquisition of property for economic development purposes
• Direct business assistance for industrial and manufacturing uses
• Reuse of previously developed sites
Note that a CRIA has a 25 percent afordable housing set-aside requirement.
What should I consider before further pursuing the idea?
1. Identify types of projects you would want to implement.
a. Are they a better fit for an EIFD or a CRIA?
b. Will another taxing agency/agencies partner with you to support those projects?
c. Are there other funding sources to leverage?
Tools for Implementation
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