Some are calling the $787 billion economic stimulus package, signed by President Barack Obama yesterday at the Denver Museum of Nature & Science, the equivalent of Franklin Roosevelt’s New Deal in that it promises to create thousands and thousands (maybe millions) of jobs, to rebuild infrastructure and to create a new energy economy. Others (in some cases literally accompanied by cute pot-bellied pigs) are calling it pork.
Regardless of perspective, what will it mean for the critical work of nonprofit organizations? JVA Consulting will be covering that topic over the next few weeks and months in Nonprofit Street, and it also will be posting funding opportunities related to the stimulus bill in the JVA 411, our weekly e-newsletter of funding opportunities and news in the sector.
For now, here are some brief highlights of areas in which grants can be expected to roll out over the next few months:
Arts: $50 million in grants to “fund arts projects and activities that preserve jobs in the nonprofit art sector.” This will include a combination of grants flowing through state arts agencies and competitively selected direct grants.
Community development block grant funds: $1 billion of additional funding to FY 2008 grantees for projects in communities affected by the economy, foreclosures, etc.
Neighborhood stabilization: $2 billion in funding in emergency assistance to redevelop abandoned and foreclosed homes.
Workforce: $500 million for health professions workforce shortages; almost $4 billion in additional funding for Workforce Investment Act (WIA) programs, including $750 million in competitive grants for worker training and placement in high growth and emerging industries and $120 million in community service employment for older adults.
Youth: Increased grant funding for Americorps, youth mentoring programs, YouthBuild U.S.A. and grants to states for summer youth employment programs.
We will continue to analyze the bill and report on local, state, regional and national developments that create funding opportunities for you. You can also check our resource page, where we will continue to monitor and add links to helpful articles and Web sites about the impact of the stimulus package on nonprofits.