Deadlines: Applications must be submitted within the deadlines established in the published Federal Register NOFA. Range of Approval/Disapproval Time: Generally within 90 days. Appeals: None. Renewals: Not applicable. ASSISTANCE CONSIDERATIONS: Formula and Matching Requirements: Economic Development Initiative grant funds may only be used in conjunction with projects and activities assisted under the Section 108 Loan Guarantee program. Length and Time Phasing of Assistance: Generally, projects would be expected to be completed within a one to two year period. Funds would be accessed by line of credit in the same ratio that loan funds guaranteed by the Section 108 Loan Guarantee program are borrowed. POST ASSISTANCE REQUIREMENTS: Reports: All reporting is made in connection with an eligible public entity's Community Development Block Grant program reporting. Audits: In accordance with the provisions of OMB Circular No. A- 133, "Audits of State and Local Governments and Non- Profit Organizations," nonfederal entities that receive financial assistance of $300,000 or more in Federal awards will have a single or a program- specific audit conducted that year. Nonfederal entities that expend less than $300,000 a year in Federal awards are exempt from Federal audit requirements for that year, except as noted in Circular No. A-133. Records: The applicant must maintain records with regard to 211
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