Downtown Redevelopment Fund
This fund is designed for infrastructure upgrades of downtown buildings in order to meet current code requirements. The upgrades should be for vacant or underutilized downtown commercial buildings. An underutilized building is defined as a property that is less than fully utilized or used below its potential. This fund is designed to return vacant or underutilized commercial buildings to economic use for new and/or expanded business. The goal of the fund is the prevention or elimination of urban blight.
A local government applicant must propose a project in conjunction with a private for profit business that proposes to renovate a vacant and/or underutilized downtown building for commercial or mixed-use development. This investment is intended to encourage job creation. In order to be eligible, documentation must be provided showing that the buildings(s) or specific project area(s) in an underutilized building(s) have been vacant thirty (30) days or more prior to the date of the pre-application conference. Funds are limited to a minimum of $300,000.00 and a maximum of $500,000.00 municipality.
Tier 1 communities are not required to match the funds. Communities located in tiers 2 and 3 have a 25% match. For every $1.00 of the Downtown Redevelopment Fund, there must be $0.25 in the form of cash of non-state or federal dollars used as match. Matching funds may come from building owners, local government or for-profit businesses. Match may be used for additional building infrastructure improvements and business up-fit including equipment purchases and upgrades. Evidence of commitment of all funding sources must be submitted at the time of application.
For additional information on the Downtown Redevelopment Fund grant program, contact:
4346 Mail Service Center
Raleigh, NC 27699-4346