Delaware Administrative Code
Title 1 - Authorities, Boards and Commissions
400 - Delaware Economic Development Office
479 - Guidelines Governing the Administration of the Neighborhood Building Blocks Fund
Section 479-2.0 - Background and Authorization

2.1 On November 19, 2013, DOJ, together with the United States and five other attorneys general, entered into a Settlement Agreement with JP Morgan Chase & Co. resolving certain claims related to the securitization of residential mortgage loans (the "Settlement"). Under the Settlement Agreement, the settlement funds received by the State of Delaware in connection therewith must be used to remediate harms to the State resulting from the conduct giving rise to the Settlement.

2.2 The Delaware General Assembly has approved the use of the Settlement Funds in accordance with§39 of the FY2015 Budget Act (79Del. LawsCh. 290) and that certain Allocation Plan approved by the Joint Finance Committee. Among other things, the Allocation Plan provides that $1,000,000 of the Settlement Funds (the "Initial Allocation") shall be used to create the Neighborhood Building Blocks Fund within the Delaware Economic Development Office ("DEDO") to "support neighborhood revitalization programs, neighborhood associations and other community groups, law enforcement, [and] local governments, including grants to or other stakeholders for community development, public protection, urban beautification, or any other purposes that have the effect of reducing crime or otherwise strengthen neighborhoods."

2.3 These Guidelines are promulgated under the authority granted to the Director of DEDO by29Del.C.§ 5005 (11), and in accordance with the Allocation Plan and §39 of the FY2015 Budget Act (79Del. LawsCh. 290).

2.4 To the extent that additional monies are added to the Fund from any source, these Guidelines shall govern the process of applying for grants of such funds, except as otherwise set forth herein or unless otherwise determined by the Board.