Development Grants

Overview

There are several grant programs available through national, state, and local governments that can be taken advantage of by individuals and organizations interested in purchasing and renovating buildings in the Central Business District.

City Grant Programs

Residential Incentive Grant

This grant provides 10% of the tax value of a building in the Central Business District that is redeveloped for residential purposes.  Eligible expenses covered by the grant include:  rehabilitation costs, construction interest and taxes, architectural and engineering fees, legal and professional fees, developer’s fees and general administrative costs.

Residential Incentive Grant Application & FAQ in PDF Format

Facade Incentive Grant

This grant provides 50% of the total cost up to $4,000 for improvements to the exterior of qualifying buildings in the Central Business District.  Some such projects include addition of awnings, repairing of brickwork and cornices, replacing windows, etc.

Facade Incentive Grant Application and FAQ in PDF Format

Please be aware that if you want to take advantage of these grants you MUST APPLY PRIOR TO THE START OF YOUR PROJECT!

Federal and State Programs

The Federal Government, through the National Park Service, offers the Federal Historic Preservation Tax Incentive Program which provides tax credits totalling 20% of the cost for eligible expense incurred during rehabilitation of qualifying historic buildings.  Most buildings in the Central Business District of Downtown Monroe qualify, and the great part is that the state matches the Federal credit for a total of 40% of the cost.

More information about this program can be found at this website.