Criteria for Economic Adjustment Assistance Investments.

§ 307.2 Criteria for Economic Adjustment Assistance Investments. (a) Economic Adjustment Assistance Investments are intended to enhance a distressed community's ability to compete economically by stimulating private investment in targeted economic sectors through use of tools that: (1) Help develop and implement a CEDS; (2) Expand the capacity of public officials and economic development organizations to work effectively with businesses; (3) Assist in overcoming major obstacles identified in the CEDS; (4) Enable communities to plan and coordinate the use of Federal resources and other resources available to support economic recovery, development of Regional economies, or recovery from natural or other disasters; or (5) Encourage the development of innovative public and private approaches to economic restructuring and revitalization. (b) Economic Adjustment Assistance Investments may be made when the Project funded by the Investment will help the Region meet a Special Need. The Region in which a Project is located must have a CEDS with which the Project is consistent (except that this requirement shall not apply to Strategy Grants described in § 307.3).