October 21, 2020 — A $16 million grant is bound for the city of New Bedford to improve the city’s port, helping prepare it for future natural disasters.
According to a U.S. Economic Development Administration press release, U.S. Secretary of Commerce Wilbur Ross announced the grant funding on Tuesday.
The money, according to the press release, will “make port infrastructure improvements needed to protect commercial fishing businesses from floods and severe weather events.”
The Economic Development Administration (EDA) grant, to be located in a Tax Cuts and Jobs Act Opportunity Zone, will be matched with $4 million in local funds and is expected to create or retain more than 400 jobs and spur $4 million in private investment, the press release states.
According to a Tweet from New Bedford Mayor Jon Mitchell, a majority of the matching funds will come from the state, with the New Bedford Port Authority chipping in $500,000.