Neil Alblert's Stimulus Package for DC Developers

The Office of Planning and Economic Development announced yesterday nearly $9 million in development grants for neighborhood projects through the Neighborhood Investment Fund (NIF), a subsidiary program of OPED. The seed money is being offered to catalyze further development in neighborhoods that need it most.

The District's development booty will be offered offered through two programs: $6.9 million, managed by The Reinvestment Fund, will be offered through NIF's Land Acquisition and Predevelopment Loan Fund, which will help to provide non-profit and Local, Small and Disadvantaged Business Enterprises (LSDBE) with low interest loans for land acquisition and predevelopment purposes. The second program will offer another $2 million, managed by Local Initiatives Support Corp (LISC), through NIF's "Predevelopment Grant and Project Grant Fund" to help finance construction and rehabilitation.

“Our charge is to ensure that every section of our city enjoys real economic development opportunities...We expect qualified organizations will put these funds to work – leveraging our initial investment to create some real community benefits,” said Neil Albert, Deputy Mayor for Planning and Economic Development.

In order to qualify for a grant, a project must be considered eligible in both location and scope. The funds apply to projects that would create either affordable housing, mixed-use development, or community facility projects in 12 NIF target areas, namely: Anacostia, Bellevue, Bloomingdale/Eckington, Brightwood/Upper Georgia Avenue, Brookland/Edgewood, Columbia Heights, Congress Heights, Deanwood Heights, H Street, NE, Logan Circle, Shaw and Washington Highlands neighborhoods.

The deadline to apply for one of these grants ends on July 31, 2008, or until the grant the District gives away all of its money. To get a pice of the pie, check out their website.