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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.

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Our Financing Programs
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Other Funding Programs

CBO Financial focuses on economic, environmental, and societal benefits to empower businesses, nonprofits, and municipal agencies to create jobs, improve infrastructure, and enhance the quality of life in underserved areas. By combining public and private funding sources, CBO Financial ensures that projects in low-income communities can progress efficiently and cost-effectively, driving meaningful revitalization.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 Credit Programs

A federal subsidy program designed to revitalize distressed communities by providing forgivable gap financing for up to 25% of costs for high-impact projects.

New Markets Tax Credits
 

Capital Magnet Fund

Grants up to $15M to CDFIs and nonprofit housing organizations to finance affordable housing and related economic development activities.

Capital Magnet Fund
 

Bond Guarantee Program

A program that provides CDFIs with access to long-term, low-cost capital by guaranteeing bonds issued by qualified CDFIs, providing fixed rate financing for up to 29 years at ~100 bps over Treasuries.

Bond Guarantee Program
 

CDFI Certification

A designation for specialized financial institutions that provide financial products and services in low-income communities and to targeted populations that lack access to financing.

CDFI Certification
 

Technical Assistance Awards

Grants up to $125K to startup and existing CDFIs to build capacity to serve low-income communities by funding activities such as staff training, technology purchases, and consulting services.

Technical Assistance Awards
 

Financial Assistance Awards

Matching grants up to $2M awarded to CDFIs to enhance their ability to provide loans, investments, and financial services to underserved populations.

Financial Assistance Awards
 

Small Dollar Loan Program

Up to $500K to provide a loan loss reserve to support making affordable consumer loans to low-income individuals for up to $2,500, helping them avoid predatory lending practices.

Small Dollar Loan Program
 

National Community Investment Fund

Loans and guarantees will be made directly to projects with this funding starting in early 2025.

National Community Investment Fund

 

Clean Communities Investment Accelerator

Provides community lenders with grants up to $11M to help accelerate investment in clean energy and sustainable infrastructure projects in low-income communities.

Clean Communities Investment Accelerator

 

Business & Industry

A program that provides loan guarantees up to $25M to rural businesses to improve, develop, or finance business, industry, and employment.

Business & Industry

 

Community Facilities

A program that offers direct loans, loan guarantees, and grants to develop essential community facilities in rural areas up to $5M.

Community Facilities

 

Rural Energy for America Program

A program that provides grants up to $1M and loan guarantees to agricultural producers and rural small businesses for renewable energy systems and energy efficiency improvements.

Rural Energy for America Program

 

Federal Historic Tax Credits

The federal Historic Tax Credit 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” for approximately 20% of project costs.

Federal Historic Tax Credits

 

Tax Exempt Bond Funding

Tax Exempt Bond Funding provides low-cost financing for qualified projects by enabling borrowers to access capital at tax-exempt interest rates. This program supports infrastructure, housing, and other eligible projects, fostering economic growth and community development.

Tax Exempt Bond Funding