Residential Production Grant Program
The Residential Production Grant Program is intended to fund development of residential housing within downtown. The incentive amount is $7,500 per residential unit created, up to a maximum of $150,000.
- Eligible projects may include new construction, building rehabilitation or adaptive reuse.
- Project must result in the creation of residential units not previously available for occupancy.
- Renovations must be substantial to the extent that the completed units are of a finished quality and ready for occupancy.
- All new or renovated units must be consistent with the overall quality standards.
- Eligible projects may include residential as part of mixed-use development or commercial property converted for residential as single use.
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Downtown Building Assistance Program
The Downtown Building Assistance Program is a 50% matching grant up to $40,000. This incentive is intended to fund interior and exterior downtown building improvements.
- Can fund building improvements, fixtures, affixed furniture and equipment and signage.
- Must conform to Historic Preservation Design Guidelines if within historic preservation district.
- One grant per property within 5 years.
- Property must qualify for certificate of occupancy at completion of project.
- Property must be within the Downtown Transitional Area bounded by Grand Avenue, Grace Street, Raleigh Boulevard, Atlantic Avenue and Lexington Street.
- Any commercial or mixed-use property is eligible.
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Accelerated Façade Improvement Grant
This is a $5,000 non-matching grant designed for expediated access to stimulate downtown recovery and revitalization activity.
- Eligible properties must be within the Downtown Core bounded by Franklin Street, Goldleaf Street, Atlantic Avenue and Raleigh Boulevard.
- Allowable uses include (but are not limited to): Brick or wall surface cleaning, patching and painting of façade walls, signage or lighting, canopy, awning installation/repair, window and/or door replacement/repair, mortar joint repair, railings and ironwork repair or addition, cornice repair and/or replacement, replacement/repair to exterior steps.
- One-page application with required documentation.
- Must meet any historic preservation requirements.
- Reimbursement with proof of payment and final inspection.
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Development Incentive Grant
The Development Incentive Grant is a rebate of increased property taxes, reimbursed annually over five years (100% year 1, 80% year 2, 60% year 3, 40% year 4, 20% year 5) for city, county, and MSD (Municipal Services District) taxes.
- Must be substantial rehabilitation, defined as: $40 per sq ft with at least one habitable floor and investment equaling triple pre-improvement tax value.
- No dollar maximum.
- Rebate is determined by property tax value after improvements minus original pre-improved tax value.
- Property must be located within the boundaries of the Downtown Overlay District bounded by Goldleaf Street, Church Street, Hammond Street and Atlantic Avenue.
- Any residential, commercial, or mixed-use property is eligible.
- Construction must be completed, and certificate of occupancy received within 24 months.
Downloads
Roof Repair & Replacement Grant
Funds replacement or repair of roofing systems. The grant will reimburse 50% of roof-repair costs up to a maximum of $20,000.
- Covers entire roofing system, including gutter and drainage systems.
- Repair must be permitted and pass final inspection.
- Eligible properties must be within the Downtown Core bounded by Franklin Street, Goldleaf Street, Atlantic Avenue and Raleigh Boulevard.
- Any commercial or mixed-use property is eligible.
- One grant per property within 5 years.
Downloads
Historic Tax Credits
Historic Tax Credits are an excellent way to alleviate the burden of renovation costs to historic buildings, and downtown is a prime place to put these resources to work for you!