main street research project - Academic Technology Center ...

FISCAL FUNDING
One of the biggest obstacles in developing an area of the city and encouraging economic growth
is the availability of funds. The proposed changes and improvements to the downtown area all
require money and additional resources that the City and business owners might not find feasible
to provide in their entirety, if at all. This problem is not unique to Waltham. Many businesses,
cities, and other establishments around the country experience the same financial struggles which
have motivated federal and state governments and other organizations to provide assistance for
projects that appear to be good investments. Any improvements or additions to cities that
encourage increased business translate to an overall improvement in the economy on both a state
and national level. As a result, there are various grants available to cities if the project or the city
itself meets certain criteria.
As one of thirty-seven entitlement cities in Massachusetts, the City of Waltham receives
Community Development Block Grant (CDBG) funds each year from the U.S. Department of
Housing and Urban Development. Through this grant, Waltham utilizes over one million dollars
to provide funds that go towards benefiting low to moderate income members of the community,
eliminating or preventing the spread of slums or blight, or meeting particularly urgent
community development needs stemming from serious and immediate threats to public health or
welfare. These funds have previously been used to finance social service programs, renovate
public parks and facilities, and rehabilitate housing in low income neighborhoods. In order for
social service programs to receive grant money, they must be providing services that improve
Waltham‘s public services and facilities dealing with such issues as employment, housing, crime
prevention, childcare, health,
drug abuse, education, fair
housing, energy conservation,
welfare, and recreational needs.
No more than 15% of the total
grant can be allocated towards
public services and at least 70%
of the grant must benefit people
who are low to moderate income.
Figure 2–7 illustrates the
numerical breakout of the CDBG
grant proposed budget for 2011-
2012.
Figure 2-7: Proposed HUD Grant Allocation
The center of Waltham, which
includes Moody Street and Main
Street, is included in the CDBG
―target areas,‖ which are areas
where at least 44.8% of the
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