Incentives for Rehab
A major goal of the Hopewell Downtown Partnership and the downtown revitalization effort is to protect and preserve the history and culturally significant character of our downtown district.
The following incentives help make it financially feasible to undertake significant rehab and repair to Downtown buildings. The HDP can help you take advantage of these incentives, and property owners/developers are encouraged to schedule an appointment for assistance.
Please click on a link below for more details.
Properties that are “contributing” structures in historic districts and are renovated in accordance with state and federal requirements, are eligible for a 25% state tax credit and a 20% fed credit (non-contributing structures built before 1936 are eligible for a 10% fed credit). Property Improvements must meet certain eligibility criteria to qualify.
HDP can provide free architectural sketches, renderings, and reports for façade improvements to Downtown buildings. Coupled with a façade improvement grant, owners can significantly reduce costs of rehab.
Other types of technical assistance may be available and you should schedule an appointment to learn more.
The Small Business Administration’s Historically Underutilized Business (HUB) Zone program certifies businesses for Federal contracting preferences that employ staff that live within the HUB Zone. The company must also maintain a “principal office” in one of these specially designated areas.
Information about HUB Zone benefits, certification and geographic qualification may be obtained by contacting SBA staff at 202-205-7663 or at www.sba.gov/hubzone/ꜛ.
While the incentives look great, sometimes it can be difficult to acquire the funds to take advantage of the incentives. Please check out some of these creative financing tools offered to Downtown Hopewell.