reSTORE DC, Commercial Property Acquisition and Development Program

The summary for the reSTORE DC, Commercial Property Acquisition and Development Program grant is detailed below. This summary states who is eligible for the grant, how much grant money will be awarded, current and past deadlines, Catalog of Federal Domestic Assistance (CFDA) numbers, and a sampling of similar government grants. Verify the accuracy of the data FederalGrants.com provides by visiting the webpage noted in the Link to Full Announcement section or by contacting the appropriate person listed as the Grant Announcement Contact. If any section is incomplete, please visit the website for the District of Columbia, which is the U.S. government agency offering this grant.

reSTORE DC, Commercial Property Acquisition and Development Program: PROGRAM DESCRIPTION The Commercial Property Acquisition and Development Program will provide matching grant funds for non-profit corporations to acquire, redevelop or build commercial properties located within the District of Columbia. Alternatively, the non-profit corporation could strategically invest the matching grant funds to retain, expand or attract a desirable retail business to commercial property in their neighborhood. CP-A&D is designed to foster local ownership and facilitate the improvement of commercial properties throughout the District. CP-A&D funds are available to pay the capital costs of a variety of activities related to the acquisition and development of commercial properties, including: * Site preparation * Environmental remediation * Site acquisition * Site development * Streetscape and infrastructure improvements * Leasehold improvements Applicants will be required either to attend training in how to develop commercial property or to demonstrate organizational proficiency and experience in commercial property development. If a CP-A&D applicant's request for funding can be met by an existing resource offered by the District, the applicant may be referred to that agency. PROGRAM ADMINISTRATION The program will be administered by the Office of the Deputy Mayor for Planning and Economic Development. TOTAL FUNDS AVAILABLE Up to $5 million in matching grants will be available for CP-A&D in Fiscal Year 2004. Awards will range from a minimum of $25,000 to a maximum of $250,000, and require a match of 2:1 (i.e., $2 must be raised privately for every $1 contributed by the District). Eligible match sources include private and non-District public funds (e.g., federal). Match sources must be in-hand or pledged at the time of application. CP-A&D funding may be conditionally awarded based on obtaining funding commitments from other sources. Matching grant funds will be disbursed at settlement when all revenues are released from escrow. AREAS OF PROGRAM INTEREST Retention, expansion and attraction of retail stores are the priorities for CP-A&D funding. For FY 2003, CP-A&D encourages applicant organizations to apply for funding to assist projects that, in addition to street-level retail uses, also utilize the upper floors of commercial buildings for housing or service-related businesses. Occupying upper floors will provide the project with another source of revenue and help to populate the commercial corridor. Projects that offer expansion opportunities for existing retailers are also encouraged.