President Joe Biden’s administration says it is making $3 billion in economic development grants available to communities — a tenfold increase in the program paid for by this year’s COVID-19 relief bill
WASHINGTON -- President Joe Biden's administration is beginning to make $3 billion in economic development grants available to communities — a tenfold increase in the program paid for by this year's COVID-19 relief bill. Commerce Secretary Gina Raimondo said her agency on Thursday will begin accepting applications for the competitive grants, which officials hope will create hundreds of thousands of jobs and help struggling cities and towns make long-term investments to drive development for years to come. “This is about real help for communities across the country as they rebuild,” Raimondo said Wednesday in an interview with The Associated Press. “It’s about longer-term investments to help communities build themselves back from the bottom up in the ways that work best for them.” The grants will be targeted at supporting local infrastructure, job training programs and developing new industries. Recipients will be selected on the basis of the anticipated return on investment to taxpayers. Raimondo was set to appear at Thursday's White House press briefing to promote the new program.