Beyond federal and state resources, your community might be the key to propelling your project forward. Explore these local funding options to tap into the power of collaboration and investment within your town:
This financing method allows communities to capture the increased tax revenue generated by a revitalized area and use it to fund further development projects. If your project has the potential to spark a broader revitalization effort, TIF could be a valuable tool.
These funds, often administered by municipalities or non-profit organizations, provide low-interest loans to support community development initiatives. Explore revolving loan programs in your area – they might offer the perfect financial boost to get your project off the ground.
Is your project focused on rehabilitating a historic building? Many states and localities offer landmark tax credits to incentivize the preservation and revitalization of historic structures. Breathing new life into a historic landmark can be a win-win for your community and your project's financial viability.
In some cases, communities may consider raising local taxes, such as sales tax, to generate additional revenue earmarked explicitly for community development projects. This approach requires careful planning and community engagement, but it can be a powerful way to secure significant funding for large-scale initiatives.
