In an effort to provide a fair shot at economic success for underserved individuals and communities, the Biden-Harris administration has launched the Distressed Area Recompete Pilot Program through the U.S. Department of Commerce's Economic Development Administration.
The program, authorized by the CHIPS and Science Act, aims to invest $200 million in economically distressed communities to stimulate economic activity, and is part of President Joe Biden’s Investing in America plan and will focus on driving private sector investment while making sure no community is left out, according to a June 29 news release.
“This new program makes long overdue investments in communities that have been overlooked or counted out, helping them to create jobs, develop long-term economic growth and realize their full potential,” Raimondo said in the news release.
The Recompete Pilot Program, according to the news release, relies upon a place-based approach to target key workforce and economic development requirements for single regions or communities.
Comprised of two phases, the program first enables applicants to seek Strategy Development Grants, approval of a Recompete Plan or both, the release said. In the second phase, regions with approved Recompete Plans can receive implementation funding.
Applicants who are eligible for consideration include state and local governments, Tribal governments, coalitions that are representing eligible geographic areas and non-profit organizations, the release reported.
Raimondo pointed out the program is a key part of Biden’s economic agenda, being dubbed as Bidenomics, which the administration maintains will ensure workers and communities get a fair chance to succeed economically, the release said.
A goal of the program is to provide investments to underserved communities to drive job creation and economic growth, helping them achieve their potential, according to the release. The U.S. Department of Commerce will announce Phase 1 recipients and unveil the Phase 2 Notice of Funding by this winter.
