Bill > H302

This bill proposes to establish a local economic development assistance program, managed by the Executive Office of Housing and Economic Development, to provide technical and financial aid, primarily through grants, to cities and towns. To qualify for this program, a municipality or a group of municipalities must submit an application and complete an economic self-assessment to identify growth opportunities. Once deemed eligible, they can apply for grants to fund specific development initiatives, with the possibility of joint applications and regional planning agencies acting as fiscal agents. The program will be funded by appropriations of up to $10 million annually, or through other funds provided by the Massachusetts Development Finance Authority. The Executive Office will establish rules for program administration and will report annually on its expenditures and outcomes to legislative committees.