Applicants approved for an Arundel Community Reinvestment Fund loan through the Anne Arundel Economic Development Corp. can now receive a grant equal to 25% of the loan amount for facade improvements.
The ACRF offers loans of up to $100,000 to be repaid over a span of three to seven years at zero percent interest. Eligible improvements include renovation and upgrades to building exteriors and site improvements, including landscaping; loans are limited to 90% of total project costs.
The tandem grant initiative is supported by $544,350 in American Rescue Plan funding, with grants limited to $25,000.
The ACRF is designed to spur economic activity and improvement in Anne Arundel County’s 11 Commercial Revitalization Districts, in the area at inner West Street in Annapolis from Church Circle to Chinquapin Round Road, and in the county’s one state-designated Enterprise Zone, in Brooklyn Park.
“The grant is a great addition to our revitalization toolbox, which currently includes the ACRF program, the county’s revitalization tax credit and a complimentary ‘architect-on-call’ service,” said AAEDC Interim CEO Jill Seamon. “All together these resources can help renew economic vibrancy and mitigate blight in our mature commercial districts.”
Maps of the county’s revitalization areas are available at www.aacounty.org/commercialrevitalizationareas.