Regional Technology and Innovation

What this funds

Activity: Regional Technology and Innovation Hubs Regional Technology and Innovation Hubs (Mandatory) Activity: Regional Technology and Innovation Hubs (Mandatory) EDA will continue to administer previously enacted mandatory funding provided through the National Defense Authorization Act for Fiscal Year 2024 (P.L. 118-159), which authorized funding for the Tech Hubs program and directed the Federal Communications Commission (FCC) to conduct a spectrum auction to Under P.L.118-159, EDA has borrowed $220million from the U.S. Treasury to advance-fund Tech Hubs activities. Interest on this loan continues to accrue until the FCC conducts the auction authorized in the statute. In accordance with the law, auction proceeds will be applied in the following order: 1. Repayment of the outstanding $220million principal borrowed from Treasury. 2. Payment of all accrued interest associated with that borrowing. 3. Any remaining receipts up to $280 million, if available after satisfying these obligations, would then be made available to support additional Tech Hubs Although EDA anticipates winding down operations in FY2027, the agency will continue to obligate previously enacted mandatory funds and ensure responsible stewardship of all balances. EDA will focus on completing essential award actions, establishing oversight structures, and maintaining compliance with statutory

Extracted from Economic Development Administration, p. 14. Verbatim; nothing here is paraphrased.

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