Policy framework for a READI program; approval by the

board; review by the budget committee Sec. 16. (a) Before July 1, 2021, the corporation shall develop a policy that establishes the framework for a READI program. (b) The policy developed by the corporation shall include detailed information outlining: (1) the entities that are eligible to submit applications for a grant or loan from the fund; (2) the elements of a regional economic acceleration and development strategy, and the information a regional economic acceleration and development strategy must contain in order to make projects to implement the strategy eligible for a grant or loan from the fund; (3) the types of projects that are eligible for financial support from the fund; and (4) the criteria that will be used by a strategic review committee and the board to analyze applications for a grant or loan from the fund. (c) The policy developed by the corporation must be approved by the board after review by the budget committee. As added by P.L.165-2021, SEC.64.