Participating financial institutions pre-approve applicants for a two- to four-year economic development or housing loan at a competitive rate of interest. If the project meets linked deposit criteria, the County Treasurer will purchase a certificate of deposit from the financial institution and accept a lower rate of return. The financial institution in return is required, by law, to reduce your interest rate by three percent. Thus, loans are linked between the County , financial institution and the participating business. In return for a slight loss of immediate investment dollars, the County is able to provide quality jobs and housing which will lead to an increased tax base in the long term. The Linked Deposit Program is not only helping area business and developers expand, but is also helping to bring about future investments for our schools, parks and other County programs.

Businesses applying for Linked Deposit funds must demonstrate the funds will enable the creation of new jobs or the retention of jobs that would have been lost through layoffs or a corporate move. To date, the Linked Deposit Program has helped over 60 companies create or save nearly 900 quality jobs in the county. Each job costs the County only about $560 in possible investment dollars. Additionally, due to the manufacturing and high-tech focus of the program, the jobs created and retained are good jobs paying on average over $35,000 a year. For more information on the Business Linked Deposit Program, please click on the link below.

Housing Linked Deposit

The Linked Deposit Program for Housing Developers provides funds for non- and for-profit housing developers to build or rehabilitate housing units in targeted neighborhoods throughout the County. To date, over 400 units of housing have been constructed or rehabilitated. Each unit on average costs the County only $108 in possible investment dollars. The plurality of the housing units are rehabilitated older structures. The Housing Linked Deposit program supports the County’s urban neighborhoods by providing housing while limiting sprawl. For more information on the Housing Linked Deposit Program, please click on the link below.

The Linked Deposit Program not only assists the County’s citizens by creating jobs and housing; these new jobs and homes, in turn, produce tax revenue for the County that further supports its citizens. Plus, since affordable housing and good jobs are stable and reliable sources of tax revenue, the County can expect to see ancillary tax revenue grow into the future.