There are many perks to doing business and developing in the Hammond Downtown Development District. State and Federal Historic tax credit still exist for qualifiying projects as well as two Hammond DDD established incintivies, the Facade Grant Program and the Revolving Loan Program. All of these options encourage the renovation and improvement of the district’s existing buildings, as well as promote and encourage new business and development.
Histroic Revitalization Subgrant Program
LOUISIANA MAIN STREET OFFERS REVITALIZATION GRANTS FOR REHABILITATION OF COMMERCIAL BUILDINGS
BATON ROUGE, La. – The Louisiana Main Street Program was one of nine projects nationwide to receive grant funding through the Historic Revitalization Subgrant Program (HRSP). The National Park Service, which oversees the HRSP grants, awarded Louisiana Main Street $662,000 for the rehabilitation and revitalization of commercial buildings around the state. Grant awards in the amount of $55,000 each will be given to owners or tenants of historic buildings located within officially designated Louisiana Main Street districts. Grants are available for either interior or exterior building rehabilitation projects.
To be eligible for HRSP funds, a building must be located within a Louisiana Main Street district in a community with less than 50,000 population. The building must also be either individually listed on the National Register of Historic Places or a contributing element in a National Register Historic District. In addition, buildings that are eligible for either of these National Register designations but not currently designated can qualify. All proposed rehabilitation work must comply with The Secretary of the Interior’s Standards for Rehabilitation.
The HRSP applications, details, and deadlines are available from Chelsea Tallo Little, Executive Director of the Hammond Downtown Development District. 985-277-5681 or firstname.lastname@example.org. Completed applications must be turned into the Downtown Development District Office by 5pm on Monday, March 16, 2020.
This project is supported through a grant from the Historic Revitalization Subgrant Program as administered by the National Park Service, Department of Interior.
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If you plan to renovate the exterior of your building including renovations to the front of your building, awnings, painting or lighting, the Façade Grant program may be right for you! The Façade Grant awards are not to exceed $2,000 and must be matched dollar for dollar by the recipient. Only one application per fiscal year, work must be finished to apply. Façade Grants are not awarded for signage.
In 2018 the DDD distributed $6,815 in facade grants.
*Plese note that all applicaitons must have Historic District or DDD Design Committee approval to be eligible for funding.*
DDD offers a low interest loan to property owners and business owners in our District up to $75,000 with an interest rate of 2 below prime. Applicants for the loan fund must be a registered sole proprietorship, partnership or corporation established for doing business in the DDD. Renovations are not limited to façade only, eligible projects include: acquisition of land for industrial or commercial use, acquisition of improved properties with development potential for industrial or commercial use limited to owner or tenant occupancy, start-up and/or expansion of businesses in the DDD, rehabilitation and renovation of usable vacant buildings for specific industrial or commercial use in the DDD.
If you are interested in applying for a revolving loan, please contact the DDD.
In 2018 the DDD distributed $249.196 in Revolving Loan funds.
Federal Tax Credits for Historic Buildings
Louisiana is a nation leader in dollars used for the Federal Tax Credits. This program is run through the National Park Service and offers applicants a 20% tax credit for rehabiliation to historic, income-producing buildings. Any qualifying building in the Historic District can utilize this problem
If you are interested in applying for a Federal Tax Credit, please contact the Hammond Historic District- 985-277-5684
or visit the National PArk Service Website: https://www.nps.gov/tps/tax-incentives.htm
State Tax Credits for Historic Buildings
In addition to Federal Tax Credits, qualifiying DDD buildings may apply for the State Federal Tax Credit program. This program offers another 20% tax credit for rehabilations to historic, income-producing buildings. This program is run through the Louisiana Office of Culture, Recreation and Tourism in the division of Cultural Preservation.
Visit their website for guidelines and more information.
If you are interested in applying for a Federal Tax Credit, please contact the DDD 985-277-5681
State Redevelopment Incentive Grants
Louisiana Main Street Redevelopment Incentive Grants provide matching funds to encourage the revitalization of historic downtown commercial properties in designated Main Street districts. The Incentive Grants serve efforts to promote community revitalization and stimulate economic growth and vitality- in addition to enriching cultural tourism. Community reinvestment utilizing historic preservation practices improves community economic health by fostering renewed interest in shopping, working, and living downtown.
Grant funding and the number of grants awarded are dependent on state budgets and the amount of funding appropriated by the legislature each year.
Information and deadlines to apply are available through the DDD. Currently, the state is not accepting applications for this grant.
The Hammond Downtown Development District is an equal opportunity provider.
Find more funding options and education in the links below.