(a) Economic Adjustment Assistance Investments are intended to enhance a distressed community's ability to compete economically by stimulating private investment in targeted economic sectors through use of tools that:
- (1) Help develop and implement a CEDS;
- (2) Expand the capacity of public officials and economic development organizations to work effectively with businesses;
- (3) Assist in overcoming major obstacles identified in the CEDS;
- (4) Enable communities to plan and coordinate the use of Federal resources and other resources available to support economic recovery, development of Regional economies, or recovery from natural or other disasters; or
- (5) Encourage the development of innovative public and private approaches to economic restructuring and revitalization.
- (b) Economic Adjustment Assistance Investments may be made when the Project funded by the Investment will help the Region meet a Special Need. The Region in which a Project is located must have a CEDS with which the Project is consistent (except that this requirement shall not apply to Strategy Grants described in § 307.3).