Tampa Republic

The Community Redevelopment Agency (CRA) Board approved $8.49 million in commercial grants for the remainder of Fiscal Year 2024. These funds will benefit commercial property and business owners across ten CRA areas. Additionally, a new "Legacy Credit" has been introduced to reward long-term property owners by reducing upfront out-of-pocket costs for improvements.

The four types of grants available are:

1. **Commercial Exterior Grant**: Up to $75,000 with a 50 percent owner funding match, aimed at enhancing the appearance of commercial buildings or properties.

2. **Commercial Interior Grant**: Up to $75,000 with a 50 percent owner funding match, intended for interior enhancements of commercial buildings and properties.

3. **Pre-Development Grant**: Provides fully-funded design and engineering services to reduce upfront development costs for commercial or business owners.

4. **Special Projects Grant**: Available for specific projects that align with CRA goals but do not fit other grant parameters.

The newly introduced "Legacy Credit" works alongside the Commercial Exterior and Interior Grants to potentially lower the required owner match based on the length of property ownership. The longer the ownership, the lower the match requirement:

- Less than 4 years: 50% (no Legacy Credit)

- 5 years: 35%

- 10 years: 25%

- 15 years: 15%

- 20 years or more: 0%

Property owners become eligible for Legacy Credit after five years, with maximum benefits reserved for those owning property for over two decades. For example, a property owner with over 20 years of ownership wanting to complete $50,000 worth of improvements would qualify for a zero percent owner match and no upfront expense if they choose direct payment to their contractor.

To apply for these grants, property owners must be located within one of Tampa's CRA boundaries and schedule a pre-application meeting starting July 1, 2024.

Contact information:

306 East Jackson Street

Tampa, Florida 33602

(813) 274-8211