Guest post: Sara Luell is Director of the Office of Public Information at the Maryland Department of Housing and Community Development. Follow DHCD on Facebook and Twitter.
Governor Larry Hogan has announced the launch of Project Restore, a $25 million economic recovery initiative that will provide financial incentives for small businesses and commercial developers to revitalize vacant retail and commercial space.
This new program will be administered by the Maryland Department of Housing and Community Development (DHCD). Through Project Restore, the department will offer rental grants and sales tax relief rebates to help offset startup costs and incentivize commercial investment in vacant spaces. Businesses that begin new or expanded operations in spaces that have not been generating sales tax receipts for the past six months or more will be eligible for the program. Small businesses of 50 or fewer employees will be eligible for additional benefits.
Businesses will be eligible for sales tax relief rebates equal to the business’ sales tax receipts for the 12 month period, with a maximum of $250,000 per year. Eligibility will be based on the same tiering criteria as Maryland Commerce's More Jobs for Marylanders program.