Gov. Larry Hogan on Monday announced Maryland’s new Project Restore initiative, which will offer $25 million in rental grants and sales tax relief rebates to businesses and developers to revitalize vacant retail and commercial spaces. Image via YouTube.
Gov. Larry Hogan on Monday announced Maryland’s new Project Restore initiative, which will offer $25 million in rental grants and sales tax relief rebates to businesses and developers to revitalize vacant retail and commercial spaces. Image via YouTube.

Small businesses and commercial developers can access a new $25 million state economic recovery program to revitalize vacant retail and commercial spaces in Maryland, Gov. Larry Hogan announced on Monday.

The Maryland Department of Housing and Community Development (DHCD) will offer rental grants and sales tax relief rebates to fix up vacant properties through the state’s new Project Restore initiative.

“Project Restore will help put more ‘open for business’ signs in storefront windows, create thousands of jobs, and transform neighborhoods and communities,” Hogan said in a statement. “This initiative is just one more shining example of how we aren’t just committed to fully recovering from this pandemic, we are committed to coming back stronger and better than ever before.”

To be eligible for the program, businesses must begin new or expanded operations in spaces that have not been generating sales tax receipts for at least the past six months. Applicants must commit to occupying the space for a minimum of 12 months after receiving the grant

Businesses in counties under “Tier 1” of the More Jobs for Marylanders program, including Baltimore City, and parts of Maryland in Opportunity Zones can receive a sales tax relief rebate equal to the business’s sales tax receipts for a 12-month period up to $250,000 per year for two years of operation. Businesses that are not in Tier 1 can receive a rebate for one year of operation.

Small businesses with 50 or fewer employees can receive additional benefits, including rental subsidies of $2,500 per month for 12 months.

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Marcus Dieterle

Marcus Dieterle is the managing editor of Baltimore Fishbowl. He returned to Baltimore in 2020 after working as the deputy editor of the Cecil Whig newspaper in Elkton, Md. He can be reached at marcus@baltimorefishbowl.com...

One reply on “Maryland launches $25M program to incentivize restoration of vacant retail, commercial spaces”

  1. Great. Let’s hope that Liberty Road from the city line to Old Court Road will benefit from these grants. It has become a near-food desert, with almost no supermarkets since the Giant and Shoppers left.

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