The Commercial Oriented Real Estate Grant helps nonprofit organizations, including community development corporations increase their funding capacity to create economic opportunities that revitalize the neighborhoods they serve.
Donor Name: City of Philadelphia
State: Pennsylvania
City: Philadelphia
Type of Grant: Grant
Deadline: 03/08/2024
Size of the Grant: $10,000 to $100,000
Grant Duration: Grant Duration Not Mentioned
Details:
The Department of Commerce Office of Neighborhood Economic Development has been investing in commercial real estate development projects that provide vital goods and services to residents in neighborhoods across Philadelphia.
Nonprofit organizations can apply for a proposed compensation of between $50,000 and $950,000 to fund commercial space for businesses providing goods and services accessible to low-and-moderate income residents, while increasing job creation.
Funding Categories
Eligible projects can be funded in the four categories described below:
- Planning
- For economic development planning activities targeted to neighborhood commercial revitalization and blight elimination which will result in increased economic opportunity within the target neighborhood. Eligible plans must include action items that the applicant has the power to influence or move, so the outcomes of the plan can be acted upon and measured.
- Pre-development
- For commercial or mixed-use projects in the phase prior to the start of development and construction. Project funding can support architecture, legal, environmental, consulting and related predevelopment costs.
- Development
- For “bricks and mortar” projects: new construction or substantial rehabilitation of commercial or mixed-use facilities. Eligible projects that apply under the development track will have site control or an agreement of sale, as well as a plan for the commercial space tenant.
- Acquisition
- For the purchase of an occupied commercial or mixed-use property on a commercial corridor. The goal of this funding is to stabilize commercial corridors, retain existing businesses and maintain viable commercial spaces. Eligible projects will have an existing business providing goods and services, operating in the first floor commercial space, and committed to continue operating after the title transfer of the building.
Eligibility Criteria
The proposed activities must be eligible in accordance with the US Department of Housing and Urban Development regulations. The additional City requirements include:
- The project team has the knowledge and understanding of the community and can make informed decisions grounded in the needs of the community. The goal is to increase local ownership and self-determination in the way land and real estate are developed, prioritizing the surrounding community needs.
- The project should fit City plans for the area, neighborhood strategic plans, and the organization’s strategic economic development plan helping them to serve low- and moderate-income individuals through programs and services going forward.
For more information, visit City of Philadelphia.
