The Real Property Investment Program supports new, relocating, and expanding businesses, as well as commercial property owners, by helping rehabilitate and redevelop interior and exterior spaces. The goal is to enhance the visual appeal of Portsmouth’s streetscape and increase interest in the city.
This grant opportunity is offered by the Portsmouth Economic Development Authority (Portsmouth EDA) in Virginia. The grant type includes matching grants and reimbursements, with funding ranging from $10,000 to $100,000. The application deadline is July 31, 2025.
Eligible improvements must be permanent and may include interior, exterior, signage, and security upgrades. The maximum grant per property is $25,000 over the life of the program. If the limit is not reached, applicants may re-apply for the same property. For multi-tenant properties, up to three address locations can receive funding within five years.
Interior improvements eligible for funding include ADA accessibility modifications, fire suppression systems, flooring, HVAC, electrical and lighting, plumbing, walls, permanent fixtures like exhaust hoods, architectural detailing repairs, security features (up to $2,500), and structural upgrades. Exterior improvements can include ADA accessibility, decorative fencing, lighting, painting, code violation corrections, landscaping (up to $2,500), masonry repairs, hardscape improvements, railings, roofing, architectural restorations, screening service areas, security improvements (up to $2,500), signage (up to $2,500), utility upgrades, and window or cornice repairs.
Eligible properties must be commercial, industrial, office, or mixed-use within Portsmouth city limits. Property owners who are not the business operators must improve vacant spaces by creating a marketable shell or completing tenant improvements for new leases. Leaseholders applying for tenant improvements must have lease documentation showing their responsibility and provide a signed Property Owner Consent Form.
Government entities, religious organizations, and strictly residential properties are not eligible. The program requires a 1:1 financial match, with applicants initially covering full project costs. Reimbursement will cover half of eligible expenses up to the grant maximum. Improvements made before a grant agreement is issued are not reimbursable.
Applicants must have no outstanding city taxes, fees, or code violations, unless the grant covers code corrections. Required documentation includes proof of funds, city approvals and permits, project cost outlines, timelines, and at least two contractor quotes. For multi-tenant properties, no more than two addresses may be funded within five years. Business owners working on leased spaces must have the property owner’s signed consent form.
For more information, visit EDA.
