What type of project/applicant is RACP-eligible?
A project is eligible for an RACP grant if it has a cultural, civic, historical, regional or multi-jurisdictional impact and generates substantial increases in employment, tax revenues or other measures of economic activity. Applicants must be either (1) a general-purpose form of local government unit (city, borough, township or county), (2) any public authority, (3) a federally designated Local Development District or (4) an industrial development agency, which has been certified as such by the Pennsylvania Industrial Development Authority (PIDA) board and which is itself or is acting through a wholly owned subsidiary exempt from federal taxation under section 501 (c) (3) of the Internal Revenue Code of 1986. The applicant must follow strict guidelines to avoid jeopardizing the tax-exempt status of the bond funding.
