Mayor Bowser and the Office of the Deputy Mayor for Planning and Economic Development, in partnership with the Council of the District of Columbia, are strategically investing up to $1.5 million in the Commercial Property Acquisition Fund (CPAF).
Donor Name: Office of the Deputy Mayor for Planning and Economic Development (DMPED)
State:
County: All Counties
Type of Grant: Grant
Deadline: All Time
Size of the Grant: $100,000 to $500,000
Grant Duration: Grant Duration Not Mentioned
Details:
The Commercial Property Acquisition Fund is devised to provide down payment assistance through grants of up to $300,000 or 25% of the sale price, whichever is less, to eligible DC-based businesses looking to maintain and expand their operations to a physical presence by acquiring commercial property located in the District. The program is designed for business applicants to own and occupy the commercial property for at least 7 years.
Pursuant to the Deputy Mayor for Planning and Economic Development Limited Grant-Making Authority Act of 2012, effective September 20, 2012 (D.C. Law 19-168; D.C. Official Code §1-328.04(v), the Commercial Property Acquisition Fund would offer grants aimed at providing much-needed support for equity impact enterprise business or business eligible to be a certified equity impact enterprise who seek to purchase and locate within commercial property within the District of Columbia.
Funding Information
Eligible Businesses can receive up to $300,000 or 25% of the down payment cost, whichever is lowest. This is based on funding availability.
Eligibility Requirements
- Must be an equity impact enterprise or business eligible to be an equity impact enterprise (EIE) AND
- Be independently owned and operated, in the case of a franchise
- No more than 100 employees/subcontractors
- Annual revenues less than $15 million; and
- Commit to own and operate a business in at least 51% of the leasable square footage of the acquired commercial property as an equity impact enterprise or business eligible to be an equity impact enterprise for at least 7 years.
- Property of interest must be located in the District of Columbia.
- At least 51% of the business owners must be DC residents according to the EIE definition.
- Must employ at least one District resident (may include owner).
- Revenue streams should align with the business activities listed in the application. Proof of sales may be required.
- Businesses must submit a term sheet from a lender operating in the DMV. Lender must have a commercial office in the District, Maryland, or Virginia. Term sheets from hard money lenders will not be considered. Businesses must secure additional financing if the property requires renovations, buildout, equipment purchase, and other uses to start operations as described in their project.
- Must submit a Certificate of Clean Hands obtained within 90 days of application submission date.
- Property must be zoned for the commercial use proposed by the applicant. The current use of the property must reflect retail/office/commercial occupancy.
- Applicants currently under contract must not close on property before funds are disbursed.
- Applicants with multiple existing locations may occupy (rent) no more than two locations in the District prior to application submission.
- Applicants may not own other commercial property in the District (owner(s) and/or business).
- Applicant may apply for assistance for only one commercial property.
- Applicants must provide at least 5% of the purchase price at closing for properties up to $1.5 million and 8% for properties $1.5 million or greater.
For more information, visit DMPED.
