Economic prosperity in the SEAGO Region is linked to our ability to prevent, withstand, and quickly recover from major disruptions to our economic base. Establishing economic resilience requires the ability to anticipate risk, evaluate how that risk can impact key economic assets, and build a responsive capacity.
Summary
EDA primarily considers the 24-month unemployment rate and per capita income to identify distressed areas eligible for grants. All counties in the SEAGO region (and the region overall) qualify as distressed under at least one of the EDA criteria (24-month unemployment rate, per capita money income, or per capita personal income) while only Santa Cruz County qualifies as distressed under all three. A region needs to meet only one (or more) of the economic distress criteria to potentially qualify for certain EDA grant programs; however, meeting more than one can sometimes favorably impact factors such as the maximum federal investment rate.
HUD Economic Recovery & Resilience Toolkit
This toolkit from U.S. Department of Housing & Urban Development (HUD) is designed to help HUD grantees and their partners plan for and use Community Development Block Grant (CDBG) funding – combined with other federal and private funds – to develop and implement policies, programs, and projects that respond to their community’s needs and promote a strong, sustainable economy.