Maryland Announces $25 Million Initiative to Develop Vacant Retail and Commercial Space

Date: July 01, 2021

Governor Larry Hogan announced the launch of Project Restore earlier this week. The program is a $25 million economic recovery initiative that will provide financial incentives for small businesses and commercial developers to revitalize vacant retail and commercial space.

 

Through Project Restore, the Department of Housing and Community Development (DHCD) will offer rental grants and sales tax relief rebates to help offset startup costs and incentivize commercial investment in vacant spaces.

 

To qualify for Project Restore, eligible entities must begin new or expanded operations in space that has not been generating sales tax receipts for the past six months or more. All applicants commit to occupying the space for a minimum of 12 months following receipt of the grant.

 

Businesses will be eligible for sales tax relief rebates equal to the business’ sales tax receipts for the 12 month period, with a maximum of $250,000 per year. Eligibility will be based on the same tiering criteria as the More Jobs for Marylanders program: 

  • Businesses in Tier 1 counties (Baltimore City and any Opportunity Zone in Maryland) will be eligible to receive the rebate for two years of operation.
  • Businesses in Tier 2 counties will be eligible to receive the rebate for the first full year of operation.  

 

Importantly, small business applicants will be eligible for rental subsidies of $2,500 per month for 12 months—up to $30,000—to help offset start-up costs during the first year.

For more information on Project Restore, visit dhcd.maryland.gov/ProjectRestore.

 

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