The fund offers grants through two initiatives—Small Projects and Anchors.
1. Small Projects: East Side Small Projects funding is intended to cover the costs of renovations per building, for stabilization-related activities, exterior facade and storefront renovations, interior renovations, and/or selected site improvements for commercial or mixed-use buildings. Building owners are eligible to receive grants from a Local Program Administrator of a minimum of $100,000 to a maximum of $400,000. Applicants must contribute 10% of the total project cost.
2. Anchors: East Side Anchor funding is intended for projects that are larger in size and scope. Building owners can receive $400,000 to $2,000,000 in funding from ESD to support a stand-alone, single-site, “shovel ready” renovation/rehabilitation project. Grants for eligible activities through this fund should not exceed fifty percent (50%) of the total project cost and the applicant must invest a minimum of ten percent (10%) of the total project cost in the form of their own “equity” (e.g., funds that are not borrowed/must be paid back as part of a loan).
Program Purpose & Goals:
The East Side Building Fund is intended to assist projects that contribute to the overall revitalization of mixed-use neighborhood commercial districts by:
- Building on existing planning processes to ensure that capital investments of public funds will enhance the aesthetics and economics of East Side commercial districts;
- Stimulating the economic revitalization of East Side commercial districts by providing financial incentives for the rehabilitation of traditional commercial building stock;
- Fostering small business development, thereby providing economic opportunities and promoting economic activity in neighborhood business locations;
- Fostering the next generation of developers on the East Side to emerge from the community itself;
- Supporting owner-occupied, not-for-profit and underrepresented neighborhood-based businesses to improve the overall community’s benefit of revitalization;
- Preserving significant and historic buildings and providing an environment that attracts new investment to enable the adaptive reuse of these buildings for new enterprises;
- Preventing further cases of “demolition by neglect” and preserving the existing urban fabric along commercial corridors;
- Addressing existing accessibility, code compliance, environmental, energy efficiency and health and safety issues to return vacant commercial spaces to active use; and
- Creating an incentive for comprehensive and enhanced rehabilitation projects rather than deferred maintenance and repair assistance.
