The Department of Treasury recently announced that the application period for the Financially Distressed Cities, Villages, and Townships $5 million grant program is now open. According to Treasury’s announcement:
Municipalities experiencing financial struggles can apply for a grant from the Michigan Department of Treasury to help fund special projects and free up tax dollars for important services. Applications for the Financially Distressed Cities, Villages, and Townships (FDCVT) grant program are now available. Municipalities interested in applying for an award must submit applications to the Department of Treasury by 11:59 p.m. on Monday, October 17, 2016. All cities, villages, and townships, experiencing at least one condition of “probable financial distress” as outlined in Public Act 436 of 2012, the Local Financial Stability and Choice Act*, are eligible to apply for up to $2 million. A total of $5 million in funding is available for Treasury to award through the FDCVT grant program this year. Grant funding may be used to pay for specific projects, services, or strategies that move the city, village, or township toward financial stability. Preference will be given to applicants from local units in which: A financial emergency has been declared in the past ten years; or, An approved Deficit Elimination Plan for the General Fund is currently in place; or, Two or more conditions indicating “probable financial distress” currently exist; or, The fund balance of the General Fund has been declining over the past five years and the fund balance is less than 3% of the General Fund Revenues.
Please follow this link for more information about FDCVT grants and for copies of the grant application.
.Chris Hackbarth is the League’s director of state affairs. He can be reached at 517-908-0304and [email protected].