Rural Economic Development Initiative Grant Program Funding

The act appropriates $5 million to the department of local affairs (department) to use for the rural economic development initiative (REDI) grant program, and permits the department to use up to 3.75% of the appropriation for any direct and indirect administrative expenses related to the grants awarded from the appropriation.If the department determines that a rural community needs resources or assistance because it has been impacted by a significant economic event or an anticipated event that has been announced, the department may use all or a portion of the money appropriated for the REDI grant program for the purposes of the "Rural Economic Advancement of Colorado Towns (REACT) Act". The act repeals the sunset of the REACT Act.(Note: This summary applies to this bill as enacted.)