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As noted above, EDA’s mission is to lead the federal economic development agenda by promoting innovation and competitiveness, preparing American regions for growth and success in the worldwide economy. Institutions of higher education have many assets that can help address regional economic problems and opportunities, such as faculty, staff, students, libraries, laboratories, facilities, and computer systems. With funding from EDA, institutions of higher education and consortia of institutions of higher education establish and operate University Centers. These EDA-sponsored University Centers conduct applied research, provide technical assistance to public and private sector organizations, and conduct other activities with the goal of enhancing regional economic development.

EDA encourages the submission of applications that will significantly benefit regions with distressed economies. Distress may exist in a variety of forms, including high levels of unemployment, low income levels, large concentrations of low-income families, and significant declines in per capita income because of large numbers (or high rates) of business failures, sudden major layoffs or plant closures, military base closures, natural or other major disasters, depletion of natural resources or reduced tax bases, and substantial loss of population because of the lack of employment opportunities. Under the University Center Economic Development Program, EDA seeks to support university-based programs that provide for regional, Statewide or multi-State programs to help foster the creation and retention of higher-skill, higher-wage jobs; attract private capital investment to the region served by the proposed University Center; address regional economic development challenges and opportunities; and enhance long-term regional and national competitiveness in the worldwide marketplace. EDA encourages projects that will collaborate with, interact with, and benefit other EDA investment partners, recipients, and stakeholders, and create synergies with EDA’s Public Works, Economic Adjustment, and Planning programs.

To obtain the maximum effect of available program funds, EDA will strive to fund University Centers that, as a group, offer the widest possible coverage in the Austin and Denver regional offices’ geographic areas and offer a full range of services tailored appropriately to the region’s needs and each sponsoring institution’s (or consortium’s) strengths. EDA will strive to avoid funding duplicative services wherever practicable. EDA will not fund University Centers that operate in isolation from other resources at the institution of higher education (or consortium) receiving the award. University Center programs not focused on economic development activities that foster higher-skill, higher-wage job creation and private sector investments are encouraged to seek financial support from other sources.

Please see the full FFO announcement, to which a link is provided below, for complete information.