Soft Cost

Soft Cost. Eligible Projects must have a direct connection in creating jobs. RIF may be used for general expenditures in an amount not to exceed three percent (3%). (For example: $250,000 x .03 = $7,500). A limited amount of funds may be used for engineering, architectural, attorneys, consultants, agents and /or advisors costs. The amount of these professional services will be limited to an amount not to exceed eight percent (8%) of the RIF award amount. All funds awarded must be spent for improvements within the scope of the original project description as stated in the grant or loan application. Additionally, if grant or loan recipients complete their project for less than the amount awarded, the excess funds will be returned to MDA. All requested changes and variances from the original application for the projects awarded must be made in writing and will be reviewed by MDA on a case-by-case basis.