Many Applications for $1B Economic Development Program Had a Missing Element
Source: Route Fifty By Molly Bolan, Assistant Editor
New research finds a notable gap in proposals from the 60 finalists for the Build Back Better Regional Challenge.
Equity was a key consideration the Biden administration took into account with a new, $1 billion regional economic development program that it launched last year. But early research shows finalists had mixed success when it came to embedding equity elements into their proposals.
Only about a third of the Build Back Better Regional Challenge’s 60 finalists “laid out strong, clear equity arguments,” according to a recent report from Brookings Metro.
In September, the U.S. Department of Commerce’s Economic Development Administration announced 21 winners for five-year grants from the program, ranging from $25 million to $65 million. The challenge was created under the American Rescue Plan Act, the $1.9 trillion Covid relief package signed into law last year.
More than 529 regional coalitions—which can include governments, private sector organizations, colleges and universities, and nonprofits—applied for the Build Back Better Regional Challenge. The finalists represented more than 300 organizations. In total, those coalitions identified 467 projects and requested $4.3 billion.
The overwhelming interest in the challenge illustrated “how competitive federal programs can not only align regional leaders around a shared vision, but also inspire tremendous effort among those coalitions to develop comprehensive plans under ambitious deadlines,” the report said.