Program/Project Name: Recovery Zone Facility Bonds
Funding Category: Growing Philadelphia’s Businesses, Economy & Workforce
Federal Grant Name: Recovery Zone Facility Bonds
Programs Supported Through Funding: Recovery Zone Facility Bonds are a type of traditional tax-exempt private activity bond that may be used in designated recovery zones to finance a broad range of depreciable capital projects.
Why Apply for this Grant?
Use of Funds: A Recovery Zone can be any designated area by the issuer as having significant poverty, unemployment, rate of home foreclosures or general distress. They may be used to finance certain kinds of business development activities in areas of significant economic distress. The entirety of Philadelphia is a “recovery zone,” so there are no geographic restrictions for use within the city.
Actual # of FTE jobs created for the quarter*:
*In the City of Philadelphia’s quarterly federal report, also know as Section 1512 reports, jobs are calculated based on hours worked, instead of the number of people at work. It also looks only at jobs funded directly by the Recovery Act, and does not include jobs created indirectly. Direct jobs are counted quarterly and are not cumulative.