addressing community needs.
(4) Ensure that program resources are used to meet
community needs effectively and efficiently.
(5) Provide grants to projects that involve the
acquisition, redevelopment and revitalization of distressed,
unoccupied and blighted properties, including existing and
former malls.
(b) Eligibility.--To be eligible for a grant, a developer
must agree to provide matching funds of at least 25% of the
grant amount for the development.
(c) Application.--The department shall make available to an
eligible developer an application that requires information as
determined necessary by the department, to verify the need for
the development and to determine the amount of the grant.
(d) Determination.--Upon a determination of eligibility for
a grant, the department shall provide the developer with a
letter of commitment indicating the conditional grant amount.
(e) Advance.--The department shall pay the grant directly to
the municipality in which the project is located, and the
municipality shall disburse the grant to the developer in
accordance with this section. The grant payment shall be
advanced simultaneously on a pro rata basis with the required
matching funds delivered by the developer at the time of closing
or during construction as draw requests which are presented in a
timely manner, whichever occurs first.
(f) Repayment obligation.--By submitting an application for
a grant, the developer agrees that, if the application is
approved and the grant is awarded, the developer shall repay up
to 50% of the principal amount of the grant to the Commonwealth
when the development:
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