{"id":10340,"date":"2021-06-28T11:42:45","date_gmt":"2021-06-28T15:42:45","guid":{"rendered":"https:\/\/news.maryland.gov\/dhcd\/?p=10340"},"modified":"2021-06-28T11:55:12","modified_gmt":"2021-06-28T15:55:12","slug":"governor-hogan-announces-25-million-initiative-to-revitalize-downtowns-and-main-streets","status":"publish","type":"post","link":"https:\/\/news.maryland.gov\/dhcd\/2021\/06\/28\/governor-hogan-announces-25-million-initiative-to-revitalize-downtowns-and-main-streets\/","title":{"rendered":"Governor Hogan Announces $25 Million Initiative to Revitalize Downtowns and Main Streets"},"content":{"rendered":"\n

Governor Hogan Announces $25 Million Initiative to Revitalize Downtowns and Main Streets
<\/strong>Project Restore Will Provide Financial Incentives For Taking Over Vacant Retail and Commercial Space
<\/em>Rental Subsidies Of Up To $2,500 Per Month, Sales Tax Rebates Of Up To $250,000 Per Year<\/em><\/p>\n

ANNAPOLIS, MD <\/strong>(June 28, 2021) \u2014 Governor Larry Hogan today announced the launch of Project Restore, a $25 million economic recovery initiative that will provide financial incentives for small businesses and commercial developers to revitalize vacant retail and commercial space. The governor made the announcement in downtown Berlin during a five-day tour of the Eastern Shore.<\/p>\n

\u201cProject Restore will help put more \u2018open for business\u2019 signs in storefront windows, create thousands of jobs, and transform neighborhoods and communities,\u201d said Governor Hogan. \u201cThis initiative is just one more shining example of how we aren\u2019t just committed to fully recovering from this pandemic, we are committed to coming back stronger and better than ever before.\u201d<\/p>\n

\"234\"<\/a>Watch the announcement here<\/a>.<\/p>\n

This new program will be administered by the Maryland Department of Housing and Community Development (DHCD). Through Project Restore, the department will offer rental grants and sales tax relief rebates to help offset startup costs and incentivize commercial investment in vacant spaces. Businesses that begin new or expanded operations in spaces that have not been generating sales tax receipts for the past six months or more will be eligible for the program. Small businesses of 50 or fewer employees will be eligible for additional benefits.\u00a0<\/p>\n

\u201cOur department has been proud to support the economic recovery of Maryland with over $1.78 billion of pandemic related funding allocated to help businesses, nonprofits, entertainment and tourist venues, renters, homeowners, and other Marylanders in need,\u201d said DHCD Secretary Kenneth C. Holt. \u201cProject Restore will be another step to revitalizing and bringing life back to the commercial corridors and Main Streets that are the lifeblood of Maryland\u2019s economy.”<\/p>\n

Available Incentives.\u00a0<\/strong>Businesses will be eligible for sales tax relief rebates equal to the business\u2019 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\u00a0More Jobs for Marylanders<\/a>\u00a0program:\u00a0<\/p>\n