State Street Reconstruction | Madison, WI

'Local match required'...now what?

Justin Sornsin | with 0 Comments



In this month's grants and funding newsletter, we discussed options for covering the 'local match' that many grant programs require. You should definitely check out the full newsletter when you get a chance - but until then, here's the example project cost breakdown we gave:

Hypothetically, let's say your community is pursuing a $2 million water/sewer upgrade project.
 
You receive a $500,000 grant from the Economic Development Administration and a $500,000 CDBG-Public Facilities grant - great, you're halfway there!
 
But wait, you've still got $1 million to cover. Let's say those remaining project costs are split evenly between water and sewer upgrades, and both qualify for 45% principal forgiveness through your state's revolving fund loan program. You're left with a remaining balance of $550,000 - $275,000 for water and $275,000 for sewer.
 
The road work required for the project is partially offset by Local Road Improvement Program (LRIP). And, the project happens to fall in the community's TIF district, so the remaining balance is covered by the district's revenues.
 
So, what does that all mean? It means ZERO impact to utility or tax rates. And, most importantly, it means happy residents!
 
Situations like this can be complicated, but they don't have to be. Let our experts help you navigate the process and get the most bang for your buck! Contact us today to learn more about how you can offset out-of-pocket costs by looking to outside sources to cover local match requirements.

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