Commercial Property Improvement Program
The Redevelopment Authority of Prince George's County (RDA) announced on August 21, 2023 that $1.3 million in funding is available through the Commercial Property Improvement Program (CPIP).
The CPIP was established to assist owners of shopping centers and main street retail space with improving exterior façade, place making, lighting, and major building systems improvements that enhance retail competitiveness and viability.
“We are excited to announce this year’s round of Commercial Property Improvement Program funds,” said County Executive Angela Alsobrooks. “Throughout my administration, economic development has been a key priority as we work to help our County grow and develop in a smart way. We recognize the importance of providing these types of grant opportunities for our growing business community. These funds support the revitalization of shopping centers and other retail spaces in our County, which helps us to attract new businesses and create jobs for our residents right here in their own communities.”
The CPIP will require a 50% applicant match for all program funding awarded to approved shopping centers and retail space for eligible improvements. Therefore, applicants must be able to pay for half of the total project cost in order to apply for the CPIP funding. The minimum grant is $50,000 for $100,000 in total project costs and the maximum grant is $350,000 for $700,000 or more in total project costs.
The goal is to select applicants with the strongest market potential for investment. Commercial space occupied exclusively by places of worship or non-retail uses will not be funded. Shopping center owners who were the recipients of the 2019, 2020, 2021, or 2022 CPIP funding are not eligible to apply for this year’s funding.
While CPIP will reimburse up to 50% of approved construction costs as costs are incurred and documented, architectural design and permit costs will not be reimbursed until after construction is completed. In addition, construction on the approved project must begin within 90 days after grant approval and must be completed within 180 days after approval. Incomplete submissions will not be accepted.
- Commercial Property Improvement Program NOFA 2023
- Commercial Property Improvement Application 2023