The Maryland Department of Housing and Community Development (DHCD) is reopening grant applications for Project Restore, a $25 million initiative introduced last year to help businesses and incentivize investment in vacant retail and commercial properties.
Project Restore includes two grant opportunities for businesses looking to occupy a property that was previously vacant for at least six months:
- Property Assistance Grant: Provides up to $30,000 for one year to support costs associated with rent, mortgage payment or property improvements as applicable.
- Business Operations Grant: For businesses that generate sales and use tax, provides up to $250,000 per calendar year to support capital (property improvements, equipment etc.) and operating (staff salaries, marketing, inventory etc.) costs associated with business operations in the vacant property.
In remarks delivered during the 2022 Maryland Municipal League Summer Conference, Governor Larry Hogan addressed Project Restore’s impact on Maryland:
Last year during this MML conference, we launched a transformative $25 million Project Restore initiative, which has enabled us to award grants to businesses all across the state—in Baltimore City, Frostburg, Sykesville, Waldorf, Frederick, Ellicott City, Chestertown, Clinton, Easton, and many many more. Project Restore has been an incredible success, and so now, in response to that demand, we decided to open up another $25 million of funding, which will kick off on July 7, and we look forward to working with all of you to put up even more ‘Open for Business’ signs in towns and cities across the state.