(updated July 18, 2012)
The Project-Based Recovery Opportunity Program (PROP) targets mid-size businesses that are located or intend to locate in an area suffering from the long-term effects of Hurricanes Katrina and/or Rita.
As of July 18, 2012, OCD-DRU is accepting new applications for PROP. Approximately $5 million is currently available in PROP funding, which comes from Community Development Block Grant dollars provided by the U.S. Department of Housing and Urban Development for recovery from hurricanes Katrina and Rita.
For-profit businesses, community-based non-profit organizations, community development financial institutions and community-based economic development organizations headquartered in or with significant operations in Louisiana are eligible to apply for direct low-cost loans for an eligible project. The program has already approved 11 projects.
These funds are proposed to be made available in the form of loans to new or existing businesses located in any of the twenty designated Hurricane Katrina or Rita Impacted Parishes:
- Jefferson Davis
- St. Bernard
- St. Charles
- St. John the Baptist
- St. Mary
- St. Tammany
The purpose of the program is to address the critical needs of businesses and residents by achieving the following goals:
- assist neighborhood and local economic development priorities
- invest in commercial corridor revitalization
- support key local and state industry sectors
- spur long-term job creation, economic revitalization and long-term sustainability
- employ disaster recovery resources to leverage private resources
The NOFA complies with the requirements as stated in the Action Plan and establishes the award process, the application acceptance period and threshold criteria.
Questions from potential applicants can be directed to Debra Willis at OCD-DRU at 504-556-9793 or firstname.lastname@example.org.