The following uses are authorized uses of the Neighborhood Opportunity Fund:
(a) commercial establishments that provide, on a permanent or short-term (pop-up) basis, goods and services which complement and revitalize the areas in which they are located, and which may include, without limitation, grocery stores, retail establishments, and restaurants that sell food primarily for consumption on premises;
(b) industrial or manufacturing projects that process raw materials or parts into physical goods and which complement and revitalize the areas in which they are located;
(c) cultural establishments that provide, on a permanent or short-term (pop-up) basis, recreational and educational opportunities which complement and revitalize the areas in which they are located;
(d) mixed-use projects consisting of one or more non-residential uses, plus at least 10 or more residential units;
(e) incubation, mentoring, and training of small businesses that otherwise qualify as authorized uses under subsections (a) through (d) of this section; and
(f) loan loss reserve funding arrangements granted to qualified Community Development Financial Institutions (CDFIs) or other qualified delegates for the purpose of reducing the risk of lending private capital to NOF program participants otherwise having difficulty qualifying to borrow using traditional business debt instruments from mainstream lenders.
(Added Coun. J. 5-18-16, p. 24993, § 2; Amend Coun. J. 2-19-20, p. 14012, § 7; Amend Coun. J. 7-17-24, p. 13743, § 5; Amend Coun. J. 9-18-24, p. 16322, § 1)