Putting vacant buildings back to work
Whether it's an empty storefront on Main Street or a shuttered factory out on the highway, vacant buildings serve as daily reminders of the economic hardships being visited upon small towns throughout North Carolina. They are a source of discouragement to local residents and to anyone considering starting a new business. But these buildings also represent a town's potential. Restored, renovated, equipped, they can once again become thriving centers of commerce, creating jobs and adding much-needed tax base for struggling communities.
The Building Reuse and Restoration Program assists communities in transforming the potential these buildings represent into economic reality. Grants help local governments prepare the buildings for reuse by new and expanding businesses. The Rural Center oversees the program as part of the $20 million North Carolina Economic Infrastructure Fund created by the N.C. General Assembly in July 2004.
Two types of grants were created. Predevelopment grants of $25,000 help cover the cost of an initial study or other activity necessary to secure commitments from a business or investors. Development grants of up to $400,000 are awarded to projects ready for renovation and must be matched by at least an equal amount of private and public funds. Awards are limited to local governments in rural counties or the most economically distressed urban areas, with priority given to towns with fewer than 5,000 people.
Over the past four years, the Rural Center has awarded 83 Building Reuse and Restoration grants totaling $9.4 million. Twenty-five pre-development and 58 development grants have helped nearly half of the counties in North Carolina build real estate assets and create jobs in their communities. All together, the projects in 48 rural counties are expected to create over 3,200 jobs and leverage more than $140 million in private investment.
Funds are available for new projects. The next deadline to apply for both pre-development and development projects is Monday, June 30, 2008, at 5:00 p.m.
