Restore Balance

DHCD Announces $25 Million in Grants to Maryland Businesses And Will Accept Applications In Early September

By Cecil Merkerson, III

Restoring the community should always be a focus.

Starting September 8, the Maryland Department of Housing and Community Development (DHCD) will be accepting applications for two types of grants designed to assist Maryland businesses that plan to open or expand into previously vacant spaces.

Project Restore, it has been dubbed, will provide $25 million to fill vacant retail and commercial buildings to support business investment, job creation and economic growth in Maryland communities. Through Project Restore, eligible business owners can apply for rental assistance grant or a business operations grant. So, whether new or growing, a business seeking to utilize vacant properties may qualify for help with payment for rent and operating costs in their first year.

To be eligible, businesses must meet the following criteria:

>Business with 50 or fewer employees (full-time equivalents) as of September 1, 2021

>Business must open or expand in a retail or commercial space that has been vacant at least six months prior to the date they submit their application.

>At the time of application, a business must provide a signed letter of intent to lease and occupy the space, or an executed lease signed on or after July 1.

DHCD has posted the “Notice of Funding Availability” online, and a sample application will be published in the coming weeks. The online application portal is projected to open a preview of the application September 8 at 12:00 p.m.

For moreinformation, contact dhcd.projectrestore@maryland.gov.