FY 2022 CARES Act Economic Recovery Corps and Equity Impact Investments NOFO

This NOFO funds two distinct programs, both of which are described in more detail below, and designed to support underserved communities and populations across the country in developing successful economic development plans and projects: 1) the Economic Recovery Corps Fellows program and 2) the Equity Impact Investments program.

The Economic Recovery Corps program will add staff resources to local organizations focused on improving economic resilience and competitiveness in distressed regions across the country.

• EDA is seeking applications from eligible parties to create and launch a nationwide network of Economic Recovery Corps Fellows (Fellows) to help regions recover from the coronavirus pandemic by providing supplemental staff resources (i.e., Fellows) to economic development capacity-building organizations to increase their ability to effectively engage in local and regional economic development. Eligible applicants should consider strategies to build and form a national initiative that will place and coordinate Fellows across America to support two key activities:
• Technical Assistance - enable communities to access funding and participate in economic development programs and initiatives through preparation, training, and implementation assistance
• Knowledge and Insights - study, organize, and disseminate information, data, and analysis to accelerate the adoption of future-focused economic development principles and practices

The Equity Impact Investments program will provide technical assistance to enable organizations serving underserved populations and communities to participate in economic development planning and projects.

• Under the Equity Impact Investments Program, EDA is hoping to make one national award and is seeking applications from eligible parties to coordinate organizations with a proven track record of effectively working with, conducting outreach to and delivering outcomes for underserved populations and communities to improve equity outcomes for both future and current EDA grantees. EDA seeks proposals that will drive the equity outcomes of economic development work through a suite of technical assistance and coordination activities. Applicants should be well-versed in how to build and implement successful economic development plans that deliver tangible results. Applicants should leverage this expertise, along with a strong network of local and regional economic and community development organizations, to effectively bring organizations that serve underserved populations and communities into local economic development projects and plans.