Façade and Exterior Improvement Program
This grant provides 80% of a façade project for a grant up to $7,500; or in the Historic Northwest, provides 80% of project costs for a grant up to $75,000. Typical improvements include paint, stucco, awnings, lighting, landscaping, parking lot improvements and architectural enhancements. This incentive may also include eligible permanent interior improvements only for those applications approved within the targeted area.
Relocation and Development Assistance Incentive Program
The CRA may assist with relocation and development of certain uses to allow for a more desirable or upgraded use. This program provides the incentives necessary for redevelopment, including tenant relocation, acquisition, build-out and rehabilitation or renovation of existing properties.
Real Estate Development Accelerator Program (REDA)
This program is designed to offer incentive to projects over $5 million in the form of land mark down, infrastructure improvements, Tax Increment Financing or any other type of incentive for development of large scale projects.
Housing Investment Program
Developers of residential projects investing up to $5 million may be eligible for development assistance. Based on a formula, projects may qualify for a $5000 per unit incentive. An additional $5,000 incentive is provided for each attainable/affordable unit set aside with a total number of units not to exceed 25% of the project. The project is for rental and for-sale projects, however, the criteria can change slightly depending on the project.
Strategic Investment Streetscape Program (SISP)
For commercial or mixed-use projects up to $5 million, developers may be eligible for up to 50% of the cost of streetscape improvements.
Strategic Investment Program (SIP)
Based on a formula that considers the amount of tax increment generated from each project, commercial and mixed-use projects up to $5 million may be eligible for development assistance.
Capital Improvement Grant Program
This program will encourage rehabilitation of existing commercial properties. The CRA subsidizes 50% of the “interest only” portion on the principle amount of a loan obtained for rehab or re-construction of a project located in a designated area. Loans are based on prime rate and no points or closing costs are charged. Maximum principal loan amount allowed and obtained from participating lending institutions is $350,000.
For more information on these CRA Incentive programs, contact Genia Baker at (561) 822-1437 or via email.
For a list of West Palm Beach Downtown Development Authority Incentives, click here.
For additional information, contact Teneka James via (561) 833-8873 or email.