Section 498-23-6 - Matching Funds RequirementsAll applicants must certify that they will provide at least one dollar in matching funds for each one dollar expended from the Fund. This is referred to as a 1 to 1 match. The following requirements apply to all matching funds:
1. A minimum 70% of all matching funds must be in new, readily available cash commitments to be expended on the Project;2. A maximum of 30% of all matching funds may be in the form of firmly documented in-kind contributions or funds expended on the Project during the 12 months prior to the date of application submission. All non-cash match must directly relate to the Project for which assistance from the Fund is sought;3. The costs associated with the purchase of property on which the Project will take place, or the value of donated non-public property on which the Project will take place may be counted as cash commitments.4. Matching funds may be provided by state, federal, local or private sources.19- 498 C.M.R. ch. 23, § 6