Governor Larry Hogan – Official website of the Governor of Maryland

Project restoration will provide financial incentives for the repossession of vacant retail and commercial space
Lease subsidies up to $ 2,500 per month, sales tax rebates up to $ 250,000 per year

ANNAPOLIS, MD—Governor Larry Hogan today announced the launch of Project Restore, a $ 25 million economic stimulus initiative that will provide financial incentives to small businesses and commercial developers to revitalize vacant retail and commercial space. The governor made the announcement in downtown Berlin during a five-day tour of the east coast.

“The Restore project will help install more ‘open to business’ signs in store windows, create thousands of jobs and transform neighborhoods and communities,” Governor Hogan said. just another shining example of how we don’t just commit to fully recover from this pandemic, we pledge to come back stronger and better than ever. ”

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This new program will be administered by the Maryland Department of Housing and Community Development (DHCD). Through Project Restore, the department will offer rent subsidies and sales tax rebates to help offset start-up costs and incentivize business investment in vacant space. Businesses starting new or expanded activities in spaces that have not generated sales tax receipts in the past six months or more will be eligible for the program. Small businesses with 50 or fewer employees will be eligible for additional benefits.

“Our department is proud to support Maryland’s economic recovery with more than $ 1.78 billion in pandemic-related funds allocated to help businesses, nonprofits, entertainment and tourism venues, tenants, homeowners and other Marylanders in need, ”said DHCD Secretary Kenneth C. Holt. “The Restore Project will be another step in revitalizing and reviving the trade corridors and main streets that are the backbone of Maryland’s economy.

Incentives available. Businesses will be eligible for sales tax relief rebates equal to the company’s sales tax receipts for the 12-month period, up to a maximum of $ 250,000 per year. Eligibility will be based on the same prioritization criteria as the More jobs for Marylanders program:

• Businesses in Level 1 counties, which include Baltimore City and any Maryland opportunity area, will be eligible to receive the rebate for two years of operation.
• Businesses in Tier 2 counties will be eligible to receive the rebate for the first full year of operation.

Additionally, small business applicants will be eligible for housing grants of $ 2,500 per month for 12 months, up to $ 30,000, to help offset start-up costs in the first year.

Eligibility guidelines. To be eligible for Project Restore, eligible entities must begin new or expanded operations in a space that has not generated sales tax receipts in the past six months or more. All applicants agree to occupy the space for at least 12 months after receipt of the grant. For more information on the restoration of the project, visit dhcd.maryland.gov/ProjectRestore.

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