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FUNDING REVITALIZATION
by REA site
PROJECT: OPTIMIZE FUNDING FOR DOWNTOWN BUILDING RESTORATION
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Goal
Optimize funding resources available to facilitate the building restoration and increase commercial and upper-floor residential density in the downtown district.
Description
Local and State grant programs are available to improve the downtown buildings. Promoting and applying to these programs will allow individual building owners and the City of Frankfort to achieve restoration goals.
Frankfort Matching Grant Program
City of Frankfort RDC Façade Improvement Matching Grant Program
The newly-established City of Frankfort RDC Façade Improvement Matching Grant Program offers matching funds to building owners in the Frankfort Historic District for façade restoration. As applications are received and grants awarded, the RDC may reevaluate the program and make changes to maximize the success of the program.
Action Steps
1. Offer application workshops and individual consultation to aid communication with building owners early in the design process.
2. Periodically evaluate the overall needs within the historic district (e.g. signage, second-floor residential density) and create a grant category targeting these needs.
3. Celebrate and promote projects completed with grant funds.
Apply for OCRA Grant Funds
Properties in Frankfort are eligible for the variety of grant funds offered by the Indiana Office of Community and Rural Affairs.
Historic Renovation Grant Program
The Historic Renovation Grant Program is a pilot program replacing the former State Historic Tax Credits. The goal of the program is to preserve historic properties resulting in economic development for a community. Eligible applicants include income-producing entities and non-profits with a focus on affordable housing. The grant offers 35% of eligible project costs up to a maximum of $100,000 for exterior and structural projects.
Action Steps
1. Provide educational opportunities to inform interested application of the program requirements and deadlines.
2. Offer free technical assistance to those interested in applying for the funds.
