Gov. Hogan announces Project Restore investments
(The Center Square) – Financial incentives for businesses taking over vacant retail and commercial space in downtowns across the state will be receiving a boost, Gov. Larry Hogan said.
The governor announced in a news release that $10.8 million in rental subsidies and business operations grants will be doled out over the next two years as part of Project Restore to 144 businesses in 23 municipalities.
Project Restore, which was launched by the governor earlier this year, is a $25 million economic recovery program designed to provide financial incentives for small businesses and commercial developers who revitalize vacant and commercial space in downtowns.
“Despite the unprecedented challenges caused by the worst global pandemic in more than a century, the entire mission of our state government continues to be keeping Maryland open for business,” Hogan said in the release. “Project Restore is allowing us to drive further investment to our communities, revive our towns, and support jobs and economic recovery.”
The governor said $3.6 million is earmarked for rental subsidies and $7.2 million will be used for business operations grants. The funding, according to the release, will provide for rental subsidies up to $2,500 per month and business operation grants for up to $250,000 per year for businesses.
Funding will be administered through the state’s Department of Housing and Community Development.
“Project Restore is one of many initiatives in Maryland’s recovery from the pandemic, and it’s playing a key role in the revitalization of business and commercial areas in our communities,” DHCD Secretary Kenneth C. Holt said in the release. “Our department is administering nearly $2 billion in pandemic relief assistance to businesses, nonprofits, entertainment and tourist venues, renters, and homeowners.”
Project Restore, according to the release, offers rental grants and operational grants to help businesses offset start-up costs, and is used as a means to incentivize commercial investment in vacant buildings. To date, the program has doled out more than $75 million and has received more than 800 applications, which are reviewed on a first-come, first-served basis. Another round of grants is expected in early 2022, and applications are currently closed at this time, the release reads.
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