The Burlington Downtown Corporation (BDC) is accepting applications for its Residential Development Incentive Grant Program to support and encourage property improvements.
Donor Name: Burlington Downtown Corporation (BDC)
State: North Carolina
City: Burlington
Deadline: 10/01/2022
Type of Grant: Grant
Grant Size: up to $5,000
Details:
The Downtown Residential Incentive Program assists with the development of quality residential uses in the upper levels of the buildings that reside within the downtown Municipal Service District (MSD). This program will be made available to developers of market rate residential units. Both for sale and rental projects will be eligible.
Any property owner of a building within the downtown Burlington Municipal Service District may apply for the Downtown Residential Incentive Program, subject to the following:
- The grant-funded portion of the project must be for the interior renovation of an existing building only.
- The proposed project must meet all applicable zoning requirements.
- All required permits (i.e., zoning, building, etc.) must have been obtained.
- The proposed project follows the Secretary of Interior Standards for Renovations of Historic Structures.
Funding Information
- The program offers a $3.50 per square foot subsidy for eligible projects, with a maximum grant amount of $5,000 per unit.
- The grants in this funding cycle are matching grants that require a 50% match by the applicant and are structured as deferred loans, which means that if the improvements stay in place for a period of three years the interest-free loan becomes a grant.
- If the business or property closes or changes hands, the appropriately pro-rated portion of the loans becomes due to the BDC.
- Grant funding is awarded as a reimbursement for approved project work with invoices marked “PAID” provided to the BDC.
Eligibility Criteria
Downtown Property and/or Business Owners located within the boundaries of the downtown Municipal Service District are eligible to apply for the BDC Small Grants Program.
For more information, visit Burlington Downtown Corporation.