The Maryland Department of Housing and Community Development, through Project Restore, is providing financial support to Maryland’s existing or new businesses to help incentivize commercial investment in vacant retail and commercial properties.
Donor Name: Maryland Department of Housing and Community Development
State: Maryland
County: All Counties
Type of Grant: Grant
Deadline: 09/08/2022
Size of the Grant: up to $250,000
Details:
Project Restore provides two grant opportunities for businesses, including nonprofits, that are expanding, moving to or opening in a property that was previously vacant for at least six months:
- Property Assistance Grant: Provides up to $30,000 for one year to support costs associated with rent, mortgage payment or property improvements as applicable.
- Business Operations Grant: For businesses that generate sales and use tax, provides up to $250,000 per calendar year to support capital (property improvements, equipment etc.) and operating (staff salaries, marketing, inventory etc.) costs associated with business operations in the vacant property.
Use of Funds/Term of Awarded Funds
- Property Assistance Grant
- Property Assistance Grant can be used within one year as follows:
- if the business, including nonprofit, is leasing vacant space the funds can be used for rent and cover the 12 month period from the date rent payments begin per the lease,
- if the business, including nonprofit, owns the building then funds can be used for mortgage payments and the 12 month period begins at the date the award agreement is executed or
- if the business, including nonprofit, owns the building and there is no mortgage the funds can be used for property improvements. If the funds are used for property improvements, applicant must submit vendor cost estimates for improvements and improvements must be made within 12 months from the date the award agreement is executed.
- Grant amounts may be reduced relative to requests, if demand exceeds available funding.
- Property Assistance Grant can be used within one year as follows:
- Business Operations Grant
- Business Operations Grant award amounts will be based on estimated sales and use tax to be paid by the business in CY2023 and CY2024 if applicable. Awarded funds must be used for capital and/or operating costs associated with business operations in the vacant space.
- Grant payments will be based on actual sales and use tax paid to the state beginning January 1, 2023 up to $250,000 for up to two calendar years, if applicable. Payments will be made to the business on a quarterly basis, after the Comptroller’s Office has received the sales and use tax submitted to them by the business.
Who Can Apply?
- Existing or new Maryland based businesses, including nonprofits, with 50 or fewer full time employees that are expanding, moving to or opening in a property that was previously vacant for at least six months.
- NOTE: Businesses that have the following as their principal purpose are NOT eligible to apply: (1) Adult bookstore, adult video shop, or other adult entertainment facility; (2) Check cashing facility;(3) Gambling facility; (4) Gun shop; (5) Liquor store; (6) Massage parlor; (7) Pawn shop; (8) Tanning salon; or (9) Tattoo parlor.
For more information, visit MDHCD.
