[OMS_MANAGERS] ARPA update

[STUART Sheri * OPRD]

The Treasury released its Interim Final Rule<https://home.treasury.gov/system/files/136/FRF-Interim-Final-Rule.pdf> on American Rescue Plan State and Local funding on Monday. Kelly Humrichouser with NMSC provided a summary of areas that may be of particular interest to Main Street programs in the attached document.

Kelly's initial impressions:

  *   Overall, the economic impacts seem more prescriptive than anticipated. Specifically, the specified uses for business relief dictate a direct impact - if the business was not negatively impacted, no support is warranted.
  *   The legislation had highlighted specific impacted industries - "tourism, travel and hospitality." This Interim Final Rule also specifically calls out "business districts" as a potential use, but there is a lack of clarity here.
  *   Of particular interest on housing: communities in qualified census tracts (QCTs) can use funds for low income housing.
  *   Despite the fact that the language around supporting businesses/economic impacts seems fairly tight, the revenue replacement uses are broad. Dollars that are specified as revenue replacement can be used for a variety of projects.
  *   Infrastructure is limited to the areas identified in the legislation: water, sewer, broadband.

NMSC is hosting a Main Street webinar<https://us06web.zoom.us/webinar/register/WN_BZGAlAM-RRSlGrqOKjEXMw> on Monday, May 17 at 2pm ET / 1pm CT / 11am PT to better understand applicable uses as they relate to commercial district revitalization and small business support.

[New Picture (1)]


Sheri Stuart (she, her, hers) | Oregon Main Street Coordinator
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Oregon Heritage, Oregon Parks and Recreation Department
Desk: (503)986-0679 cell: (503)551-3705
www.oregonmainstreet.org
725 Summer St NE, Ste C
Salem, Oregon 97301

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