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$500M In Grants Are Going to These Select Cities
Each of the 31 Communities Can Secure Up to $75M in Tech Infrastructure Funding
Michael Campbell
29 Oct
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Each of the 31 Communities Can Secure Up to $75M in Tech Infrastructure Funding
There were more than 370 applications across 49 states and four territories that were submitted; all vying for a piece of the $500B in Tech Hub infrastructure funds that have been allotted by the Biden Administration.
The whopping half-a-billion dollar pot of grant money was authorized by the CHIPS and Science Act that President Joe Biden signed back in August 2022.
After scrutinous review, the 370 applicants were narrowed down to 31 designees. The vast majority of the nominated tech hubs are within non-major-metro, small rural communities. Notably, a handful Midwest markets were selected; including iFAB Tech Hub led by the University of Illinois Urbana-Champaign, and Kansas City Inclusive Biologics and Biomanufacturing Tech Hub, which is led by BioNexus KC in Missouri. A few other honorable mentions that made the list are located throughout the North and Southeast.
According to the White House fact sheet, each hub will marry both public and private industry, and leverage a full gambit of higher education institutions, labor unions, tribal communities and nonprofit organizations, in an effort to catalyze development and growth across tech focused innovative sectors.
Ultimately, the infusion of funds and added tech infrastructure will spur an influx of economic expansion across various correlated markets, as well as non-parallel industries throughout the area.
For the full list of all 31 tech hubs, feel free to visit the link below.
Quick Takeaways
Biden Administration Grants $500B to Rural Communities In An Effort to Expand Tech Infrastructure Outside of the California Silicon Valley
The Designated Tech Hubs Are Located Throughout the Midwest As Well As the North and South East
Each Community Can Secure Up to $75M in Grant Funds
On Another Note
✺ Home Prices in This South Florida Market Keep Ticking Higher Despite Buyer Demand Across the Nation Sliding Lower: The average home price in Palm Beach, Florida has now topped $20M. At $4,554 / Square Foot, it’s 2.5 times more expensive than Manhattan. — CNBC
✺ Former NBA Allstar and National Champion, Andre Iguodala, Has Retired From Basketball to Focus On the Next Phase of His Career - Venture Investing: Iguodala recently raised a $200M fund. One of his first big bets is in the booming modular construction space. — Bisnow
✺ Mortgage Rates Close In On 8: The average interest rate for a 30-year fixed mortgage hit 7.63% this past week. Marking a new 20-year high for the most common form of housing debt. — NAR
✺ Vehicle Repossessions Are On the Rise: Costly auto-financing sends default rates to a 30-year high. — Bloomberg
✺ What Would Have Been the Tallest Residential Skyscraper in the Southeast, Is Now Headed Towards Foreclosure: The once storied site was slated for 182 condos across 1.8M SF of residential space. But all that’s left of the 4-acre parcel is a gaping hole overgrown with weeds. The lot is scheduled to be auctioned off on the Fulton County courthouse steps on November 7th. — Bisnow
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