October 21, 2020 — New Bedford has landed a $16 million federal grant for port infrastructure improvements to protect commercial fishing businesses from floods and severe weather events.
The investment will be matched with $4 million in local funds, and is expected to create or retain 400 jobs and spur $4 million in private investment. The matching funds will come from from the state and the New Bedford Port Authority. The funding was made possible because the port is located in a federal tax cuts and opportunity zone.
The Economic Development Administration grant was announced by U.S. Secretary of Commerce Wilbur Ross on Tuesday.
“The Trump Administration is committed to helping disaster-impacted American communities obtain the modern infrastructure they need to build resilience against natural disasters,” said Ross in a media release. “These port infrastructure improvements will better protect New Bedford’s commercial fishing industry from flooding, and the project’s location in an Opportunity Zone will drive additional private investment to the community.”
The grant represents “another major step in our effort to modernize the Port of New Bedford and maintain its standing as America’s leading commercial fishing port and the economic hub of Southeastern Massachusetts,” said Mayor Jon Mitchell. “Enhancing the resilience of port infrastructure is central to both our economic development strategy and climate adaptation efforts.”