Bill > S219

This bill proposes to establish a new Local Economic Development Assistance Program, administered by the Executive Office of Housing and Economic Development, to provide technical and financial assistance, primarily through grants, to cities and towns. To qualify for this program, a city or town, or a group of municipalities working together, must first apply for technical assistance and complete an economic self-assessment to identify growth opportunities. Once deemed eligible through this assessment, they can then apply for a grant to fund specific development initiatives. These grants can be awarded in addition to other existing local, state, and federal aid, with a total annual funding limit of $10 million, subject to legislative appropriation or provided by the Massachusetts Development Finance Authority. The program will have established rules and reporting requirements, and the Executive Office will submit an annual report detailing the program's expenditures and outcomes to legislative committees.