Real Property Investment Program in Virginia

The Real Property Investment Program is designed to assist new or relocating businesses, expanding businesses, and commercial property owners with the rehabilitation and redevelopment of interior and exterior spaces to visually enhance the local streetscape, and increase interest in the City of Portsmouth.

Donor Name: Portsmouth Economic Development Authority

State: Virginia

City: Portsmouth

Type of Grant: Grant

Deadline: 04/30/2023

Size of the Grant: $25,000

Details:

Eligible improvements must be permanent and can include any combination of eligible interior, exterior, signage, and security modifications or enhancements.

Funding Information

• The Real Property Investment Grant is a matching, reimbursement program that requires the applicant to make the initial investment of the full project costs; half of the eligible costs will be paid as a reimbursement, up to the maximum grant amount.
• The maximum grant amount available for any approved application is $25,000 per property address, for eligible improvements, for the life of the program. If the maximum grant amount is not exceeded, applicants may re-apply for the same property for the remainder of the $25,000 maximum total reimbursements. In multi-tenant properties, no more than two address locations may receive funding within a five-year period.

Eligibility Criteria

• Eligible applicants: Properties within City of Portsmouth limits that are commercial, industrial, office, or mixed-usage.
• Property owners, who are not the subject business owner, must improve vacant space to:
  • Create a vanilla shell in order to market the property, or
  • Complete tenant improvements for an under-contract new tenant entering into a lease.
• Applicants who are new leaseholders and applying for grant funding for tenant improvements prior to occupying the space must document in the lease that the tenant is responsible for improvements.
• Existing business owners expanding more than 30% of their current square footage
  • Expansion requirement does not apply to applicants requesting funding solely for security improvements
• Maximum grant award: $25,000
• Matching requirement: All applications require a 1:1 financial match
• Additional guidelines:
  • The Real Property Investment Program is a matching, reimbursement program that requires the applicant to make the initial investment for the full project costs; half of the eligible costs will be paid as a reimbursement, up to the maximum grant award amount
  • Improvements made and/or paid for prior to an issued Grant Agreement will not be reimbursed
  • Applicant and/or property may not have outstanding City of Portsmouth taxes, fees, or code violations (unless the grant funding is to be used to rectify code violations)
  • Applicants are required to submit proof of funds to complete project, documentation of required City of Portsmouth Approvals and Permits, and an outline of project costs with a timeline for completion and/or two quotes from contractors for project costs

Eligible Improvement

• Eligible improvements must be permanent and can include any combination of eligible interior, exterior, signage, and/or security modifications or enhancements.
  • Interior Improvements
    • ADA accessibility modifications
    • Fire suppression and protection Improvements
    • Flooring
    • HVAC systems
    • Interior electrical/lighting
    • Interior plumbing
    • Interior walls
    • Permanent fixtures and equipment (i.e. exhaust hoods, ductwork, built-in freezer, etc)
    • Repair or restoration of architectural detailing
    • Security improvements including entry hardware, access control, cameras, etc (max$2,500)
    • Structural improvements
  • Exterior Improvement
    • ADA accessibility modifications
    • Decorative fencing
    • Exterior lighting
    • Exterior painting
    • Improvements correcting code violations
    • Landscaping and plants (max $2,500 )
    • Masonry repairs
    • Permanent hardscape improvements
    • Railings or juliet balconies
    • Removal/replacement of incomplete exterior finishes and materials
    • Restoration of architectural details or removal of materials that cover architectural details
    • Roofing
    • Screening of service and maintenance areas when visible from adjacent public areas
    • Security improvements to include entry hardware, access control, cameras, etc. (max $2,500)
    • Signage (max $2,500)
    • Utility improvements
    • Window and cornice flashing and repair

For more information, visit Real Property Investment.