Economic Development Grants. HUD intends to use the Section 108 loan guarantee program to the maximum extent feasible to fund economic devel- opment projects in the nonentitlement areas of New York. In the event that there are not enough Section 108 loan guarantee funds available to fund via- ble economic development projects, if a project needs a grant in addition to a loan guarantee to make it viable, or if the project does not meet the require- ments of the Section 108 program but is eligible for a grant under this subpart, HUD may fund Economic Development applications as they are determined to be fundable in a specific amount by HUD up to the sum set aside for eco- nomic development projects in a notice of funding availability, notwith- standing paragraph (g) of this section. HUD also has the option in a NOFA of funding economic development activi- ties on a competitive basis, as a com- petitive application as described in paragraph (a)(1) of this section. In order for an applicant to receive Small Cities grant funds on a noncompetitive basis, the field office must determine that the economic development project will have a substantial impact on the needs identified by the applicant.
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Sources: Grant Agreement, Grant Agreement