out neighborhood revitalization or community economic development projects in furtherance of block grant objectives. Recipients may provide assistance to for-profit entities when the recipient determines that the provision of such assistance is appropriate to carry out an economic development project. The projected use of funds must be developed to give maximum feasible priority to activities which benefit low- and moderate-income persons or aid in the prevention or elimination of slums or blight and the projected use of funds may also include activities which the applicant certifies are designed to meet other community development needs having a particular urgency because existing conditions pose a serious and immediate threat to the health or welfare of the community where other financial resources are not available to meet such needs. The aggregate use of over a period specified by the State, but not exceeding three years, must ensure that not less than 70 percent of the funds received benefit low and moderate income persons. ELIGIBILITY REQUIREMENTS: Applicant Eligibility: State governments. States must distribute the funds to units of general local government in nonentitlement 239 areas. Beneficiary Eligibility: The principal beneficiaries of CDBG funds are low and moderate income persons. For metropolitan areas, low and moderate income is generally defined as a member of a family having an income equal
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