Code of Maine Rules
19 - DEPARTMENT OF ECONOMIC AND COMMUNITY DEVELOPMENT
498 - OFFICE OF TOURISM AND COMMUNITY DEVELOPMENT
Chapter 22 - RIVERFRONT COMMUNITY DEVELOPMENT BOND PROGRAM RULES
Section 498-22-6 - Matching Funds Requirements
Current through 2024-38, September 18, 2024
All applicants must certify that they will provide at least two dollars in matching funds for each one dollar expended from the Fund. This is referred to as a 2 to 1 match. The following requirements apply to all matching funds:
1. A minimum 75% of all matching funds must be in new, readily available cash commitments to be expended on the Project;
2. A maximum of 25% of all matching funds may be in the form of firmly documented in-kind contributions or funds expended on the Project during the 12 months prior to the date of application submission. All non-cash match must directly relate to the Project for which assistance from the Fund is sought;
3. The costs associated with the purchase of property on which the Project will take place, or the value of donated non-public property on which the Project will take place may be counted as cash commitments.
4. Matching funds may be provided by state, federal, local or private sources.
