Capital Projects Fund (2024)

The Capital Projects Fund (CPF) provides $10 billion to states, territories, freely associated states, and Tribal governments to fund critical capital projects that enable work, education, and health monitoring in response to the public health emergency. These funds are addressing many challenges laid bare by the pandemic, especially in rural America, Tribal communities, and low- and moderate-income communities, helping to ensure that all communities have access to the high-quality modern infrastructure, including broadband, needed to access critical services.

Program recipients with questions about reporting, technical issues, eligible uses of funds, or other items click here for self-service resources.

The American Rescue Plan provides $10 billion for payments to eligible governments to carry out critical capital projects that directly enable work, education, and health monitoring, including remote options, in response to the public health emergency.

CAPITAL PROJECTS FUND ANNOUNCES $10 MILLION IN FUNDING TO NEW MEXICO

On March 15, 2024, the Capital Projects Fund announced the award of $10 million to New Mexico to construct and upgrade seven libraries and family resource centers within the state’s tribal communities to ensure Native American residents have access to work, education, and health monitoring services and programming. This award is in addition to $117 million in CPF broadband infrastructure funding that Treasury announced in 2022.

More information about the award can be found in the full press release, Biden-Harris Administration Announces New Funding to Expand High Speed Internet in New Mexico Tribal Communities as Part of President Biden’s Investing in America Agenda, and in the award fact sheet:

  • New Mexico CPF Award Fact Sheet

The Treasury Department began announcingstate awards in June 2022. To date, CPF has awarded approximately $9.6 billion for broadband, digital technology, and multi-purpose community center projects in all states and the District of Columbia, which states estimate will reach over two million locations, in addition to the hundreds of thousands of individuals who will be served annually by multi-purpose community facilities.

Funding objectives

The COVID-19 public health emergency revealed and continues to reinforce our understanding that communities without access to high-quality modern infrastructure, including broadband, face impediments to fully participating in aspects of daily life, such as remote work, telehealth, and distance learning. Treasury is launching the Capital Projects Fund to allow recipients to invest in capital assets that meet communities’ critical needs in the short- and long-term, with a key emphasis on making funding available for broadband infrastructure. The Capital Projects Fund aims to:

  • Directly support recovery from the COVID-19 public health emergency by strengthening and improving the infrastructure necessary for participation in work, education, and health monitoring that will last beyond the pandemic.
  • Enable investments in capital assets designed to address inequities in access to critical services.
  • Contribute to the Administration’s goal of providing every American with the modern infrastructure necessary to access critical services, including a high-quality and affordable broadband internet connection.

A key priority of this program is to make funding available for reliable, affordable broadband infrastructure and other digital connectivity technology projects. Recipients may also use funds for certain other capital projects, such as multi-purpose community facilities, that enable work, education, and healthcare monitoring, including remote options. The program encourages recipients to focus on economically distressed areas, support community empowerment, and adopt strong labor practices.

Capital Projects Fund applicants should review the detailed information provided in Section I of the Capital Projects Fund Guidance:

  • Capital Projects Fund Guidance for States, Territories, and Freely Associated States
  • Capital Projects Fund Guidance for Tribal Governments

KEY CPF DEADLINES

Eligible states, territories, and freely associated states may now submit Grant Plans through the Treasury Submission Portal. Tribal governmentsare able to apply for their allocation of the Capital Projects Fund through the Treasury Submission Portal.

TypeApplication Portal Launch DateDeadline to Request FundingDeadline to Submit Grant Plan
States, Territories & Freely Associated StatesSeptember 24, 2021December 27, 2021September 24, 2022
Tribal GovernmentsOctober 1, 2021October 14, 2022Not Applicable

Additional information about how to apply for Capital Projects Fund grant funding can be found in Section II of the Capital Projects Fund Guidance:

  • Capital Projects Fund Guidance for States, Territories, and Freely Associated States
  • Capital Projects Fund Guidance for Tribal Governments

All eligible applicants must carefully read the Capital Projects Fund Guidance regarding the process for requesting funding. Tribal Governments may also visit the Capital Projects Fund Tribal Governments page for additional details.

Funding Amounts

Congress has allocated funding from the Capital Projects Fund to states, the District of Columbia, and Puerto Rico; territories and freely associated states; and Tribal governments and the State of Hawaii (for Native Hawaiian Programs). These allocations include:

TypeAmount
States, District of Columbia, and Puerto Rico$9.8 billion
Territories & Freely Associated States$100 million
Tribal Governments$100 million

Allocation Information

Treasury has published detailed allocation information for the Capital Projects Fund:

States, Territories & Freely Associated States

  • Allocation for States

Tribal Governments & the State of Hawaii (for Native Hawaiian Programs)

Each Tribal government and the State of Hawaii (for Native Hawaiian Programs) are allocated an equal amount of approximately $167,504 in line with the statute’s requirements to allocate funds to these governments in “equal shares.”

Eligible Projects

For a capital project to be an eligible use of Capital Projects Fund grant funds, it must meet all of the following criteria:

  1. The capital project invests in capital assets designed to directly enable work, education, and health monitoring.
  2. The capital project is designed to address a critical need that resulted from or was made apparent or exacerbated by the COVID-19 public health emergency.
  3. The capital project is designed to address a critical need of the community to be served by it.

The following capital projects are identified in the Capital Projects Fund Guidance as being eligible uses of Capital Projects Fund grant funding:

  • Broadband Infrastructure Projects: the construction and deployment of broadband infrastructure designed to deliver service that reliably meets or exceeds symmetrical speeds of 100Mbps so that communities have future-proof infrastructure to serve their long-term needs.
  • Digital Connectivity Technology Projects: the purchase or installation of devices and equipment, such as laptops, tablets, desktop personal computers, and public Wi-Fi equipment, to facilitate broadband internet access for communities where affordability is a barrier to broadband adoption and use.
  • Multi-Purpose Community Facility Projects: the construction or improvement of buildings designed to jointly and directly enable work, education, and health monitoring located in communities with critical need for the project.

Case-by-Case Review: In addition to the eligible Capital Projects identified above, recipients may propose a different use of funds. Such uses must meet the statutory criteria, and recipients will be required to demonstrate that any such projects satisfy the eligibility criteria identified in the Capital Projects Fund Guidance.

Capital Projects Fund grant funding can also be used for the ancillary costs related to eligible capital projects that are necessary to put the asset to full use. For example, if an applicant plans for Digital Connectivity Technology Projects, Capital Projects Fund awards can be used to provide digital literacy training to community members so that they gain the knowledge and skills necessary to make full use of the devices in order to conduct activities related to education, work, and health monitoring.

Recipient Compliance and Reporting

Capital Projects Fund recipients are required to meet certain compliance and reporting requirements. Recipient reporting requirements vary by eligible use and project type.

On June 7, 2023, Treasury updated the Capital Projects Fund Compliance and Reporting Guidance for States, Territories, and Freely Associated States. Treasury also published the Capital Projects Fund Compliance and Reporting Guidance for Tribal Entities. For additional details on compliance and reporting, visit the CPF Recipient Compliance and Reporting Responsibilities webpage.

General Inquiries

For general questions about the Capital Projects Fund, please email CapitalProjectsFund@treasury.gov

Program Updates

Fact Sheet (January 25, 2022)

Statement on Purpose and Process (May 10, 2021)

[Archive] How to Apply for CPF Funding (Winter 2021)

The U.S. Department of the Treasury would like to recognize its partnership with the U.S. Department of Commerce, National Telecommunications and Information Administration (NTIA) in support of its work on the Capital Projects Fund.

Capital Projects Fund (2024)

FAQs

What is a capital project fund? ›

Capital projects funds are used to account for financial resources used for the acquisition or construction of capital facilities. These include land, improvements to land, buildings and building improvements and infrastructure.

Is capital projects fund a governmental fund? ›

What are the different types of governmental funds? There are five main types of government funds, which includes the general fund, the capital projects fund, the permanent fund, the special revenue fund, and the debt service fund.

What are the 3 main sources of money for capital projects? ›

The money for capital projects comes from three main sources: stock investments, bonds, and personal savings. indicate general consumer spending patterns in the economy. If wages increase faster than gains in productivity, prices will rise.

What is the capital projects fund Ohio? ›

The U.S. Department of the Treasury's Capital Project Fund (CPF) has approved $162.5 million in funding for Ohio. The funding is comprised of $77.5 million for a broadband infrastructure program and $85 million for multi-purpose community facilities. The programs represent 61% of Ohio's allotment in CPF funding.

What are examples of capital projects? ›

Some examples of capital projects include roads, railways, manufacturing plants, nuclear power plant construction, power transmission, and electrical distribution. The consistent element of these projects is the amount of planning is substantive and the benefits are seen long-term, rather than immediately.

What are the types of capital projects funds? ›

Funds for capital projects come from a variety of sources, each having its own set of conditions for use. Generally, the funds fall into three categories: revenue funds, debt funds, and other.

Where does the money for capital projects come from? ›

One component of gross domestic product is the value of a country's exports plus the value of the imports into the country. The money for capital projects comes from three main sources: stock investments, bonds, and personal savings.

What are the characteristics of a capital project fund? ›

Characteristics of capital projects: Involves long-lived assets (e.g, buildings, roads and bridges, etc.) Usually involves a construction project. Usually requires long-range planning and extensive financing.

What is the difference between special revenue fund and capital project fund? ›

The general fund pays for usual and ongoing town expenses; the capital fund is earmarked for large projects, and the rainy day fund is the emergency account for unexpected expenditures. A special revenue fund is established to finance and operate dedicated smaller-scale projects.

What is capital fund also known as? ›

This is also termed as Accumulated Fund.

What is the difference between a capital project and a non capital project? ›

In the realm of project management, a clear distinction exists between capital projects and non-capital projects. While capital projects primarily encompass construction endeavors, non-capital projects refer to projects where costs are not capitalized—they are not treated as capital assets on financial statements.

What is an example of a permanent fund? ›

An example of a permanent fund is The Alaska Permanent fund that was funded with oil revenues and the earnings are used to pay annual dividends to each citizen of the state.

What are capital funds used for? ›

Capital fund-The capital fund is used to build and maintain District buildings and purchase furniture, buses, technology, and other equipment, as well as payment of debt.

What is the capital funding requirement? ›

The capital requirement is the sum of funds that your company needs to achieve its goals. Plainly speaking: How much money do you need until your business is up and running? You can calculate the capital requirements by adding founding expenses, investments and start-up costs together.

How are government projects funded? ›

The state sells bonds to investors to receive “up-front” funding for projects and then repays the investors, with interest, over a period of time. The two main types of bonds used by the state are general obligation bonds and revenue bonds. The state repays general obligation bonds using the state General Fund.

What is a capital project in an HOA? ›

A capital improvement for a community association is generally understood to include any of the following: A substantial and discretionary addition to the association's common area; or. A substantial and discretionary upgrade to the association's common area components or materials.

How does capital construction fund work? ›

The program encourages construction, reconstruction, or acquisition of vessels through the deferment of Federal income taxes on certain deposits of money or other property placed into a CCF. Participants must meet U.S. citizenship requirements.

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