Redevelopment Assistance Capital Program

Pennsylvania Grant Program (RACP)

The Redevelopment Assistance Capital Program (RACP) is a Pennsylvania Commonwealth grant program administered by the Office of the Budget for the acquisition and construction of regional economic, cultural, civic, recreational, and historical improvement projects.

RACP Pennsylvania Commonwealth Grant Program

The Redevelopment Assistance Capital Program (RACP) is a Pennsylvania Commonwealth grant program administered by the Office of the Budget for the acquisition and construction of regional economic, cultural, civic, recreational, and historical improvement projects.

RACP projects are authorized in the Redevelopment Assistance section of a Capital Budget Itemization Act, have a regional or multi-jurisdictional impact, and generate substantial increases or maintain current levels of employment, tax revenues, or other measures of economic activity. Included are projects with cultural, historic, recreational or civic significance.

Redevelopment Assistance Capital Program projects are state-funded projects that cannot obtain primary funding under other state programs. Projects that can normally obtain funding from PENNDOT, PENNVEST, the Department of Community and Economic Development, or other state agencies are generally restricted from participating in the Redevelopment Assistance Capital Program.

Please view this RACP Flowchart for an overview of the process.

Does Your Project Qualify for Low-Cost Financing or New Markets Tax Credits?

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Our Financing Programs

The CBO Financial team specializes in helping project sponsors secure flexible, below-market financing with a focus on high-impact projects in low-income communities. Our financial experts are skilled at combining public and private funding sources so that projects that might have otherwise stalled can move forward quickly and cost-effectively.

We’ve financed over $1 billion in high-impact investments nationwide, including $150 million using New Markets Tax Credits awarded to a CBO subsidiary. Backed by powerful funding tools and expertise, you’ll be pushed through to the finish line.

New Markets Tax Credits

A federal subsidy program designed to incentivize development projects that help revitalize distressed communities.
New Markets Tax Credits

Property Assessed Clean Energy Financing

A new instrument for commercial property owners to finance improvements to existing property or close gaps in financing for new construction.
Property Assessed Clean Energy Financing

Federal Historic Tax Credits

The federal Historic Tax Credit (HTC) is available for the rehabilitation of historic, income-producing buildings determined by the Secretary of the Interior, through the National Park Service, to be “certified historic structures.”
Federal Historic Tax Credits

Community Development Financial Institutions

A federal subsidy program designed to incentivize development projects that help revitalize distressed communities.
Community Development Financial Institutions

US Department of Agriculture

The USDA offers several programs that can be useful for economic development projects, two of which in particular are the Community Facilities and Rural Utilities Programs.
US Department of Agriculture

Redevelopment Assistance Capital Program

The federal Historic Tax Credit (HTC) is available for the rehabilitation of historic, income-producing buildings determined by the Secretary of the Interior, through the National Park Service, to be “certified historic structures.”
Redevelopment Assistance Capital Program

Puerto Rico Financing Programs

Puerto Rico offers many opportunities for mainland investors and local business owners.
Puerto Rico Financing Programs

 Opportunity Zones

The Opportunity Zone program was enacted in the Tax Cuts and Jobs Act. Many of the major policy decisions related to Opportunity Zones were ceded to the states.
 Opportunity Zones

You see challenges. We see possibilities.
Your community sees change.

Established in 1999, CBO Financial is a financial consulting firm that specializes in helping businesses secure funding for development projects in the nation’s most distressed communities. Our experts understand how to present economic, environmental, and societal benefits to public and private organizations so your project receives the funding it needs to move forward quickly and reasonably. A CBO Financial subsidiary, Community Development Funding, LLC, has received six awards under the federal New Markets Tax Credit program totaling $150M. In addition the team has taken a leadership role in securing 18 awards for clients totaling over $400M.
Our Services
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The funding is out there

CBO can be your access point for a variety of flexible financing sources including gap financing using New Markets Tax Credits, Historic Tax Credits, Tourism Tax Credits, Property Assessed Financing, Opportunity Zone Funds and others.
Programs
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 a Significant Impact

CBO is on a mission to help elevate the lives of people living in distressed communities by providing flexible, below-market gap financing to high-impact projects that cannot otherwise move forward. Does your project qualify for financing?
Team
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Million-dollar stories

The CBO team has funded over $1 billion in projects for local and national nonprofits, for-profit developers, and municipal agencies. Our team can help you find the low-cost financing or new market tax credits needed for your projects.
Projects

Does Your Project Qualify for Low-Cost Financing or New Markets Tax Credits?

Reach out to our specialists to discuss how we can work together.
Get a Free Project Analysis