Gov. Larry Hogan announced the second round of recipients for Project Restore, a $25 million economic recovery initiative that provides financial incentives to revitalize vacant retail and commercial space. In this round of awards, 209 businesses will receive $5.2 million in rental subsidies and $9.3 million in business operations grants over the next two years, totaling $14.5 million in support.
Overall, more than 350 businesses across every jurisdiction in the state will benefit from the program.
Administered by the Maryland Department of Housing and Community Development (DHCD), Project Restore offers rental and operational grants to help offset startup costs and incentivize commercial investment in vacant spaces. Hogan has introduced the Project Restore Act to codify and make the program permanent, and a hearing on the measure will be held this afternoon in the Maryland Senate.
“Project Restore has already proven to be one of our most successful COVID-19 recovery initiatives,” said Hogan. “As we continue to award grants to businesses in every jurisdiction and work to make this program permanent, we are effectively driving more jobs and more investment to our small towns and main streets for years to come.”
Awarded businesses include retail stores, breweries and restaurants, manufacturing locations, and office space. For more information (including a data dashboard) visit dhcd.maryland.gov/ProjectRestore.