Anne Arundel County Executive Steve Schuh has announced a new (ACR) Fund revitalization initiative designed to target and promote redevelopment within existing developed neighborhoods.
“Encouraging redevelopment in existing areas – especially older or challenged communities – is a win-win across the entire planning, zoning, land use and economic development spectrum,” said Schuh. “The focus is intended to promote economic development and community reinvestment, while preserving existing resource areas by directing development into revitalization areas and away from green field areas.”
Lynn Miller will lead the joint initiative of the Anne Arundel County Economic Development Corp. (AAEDC) and the county’s Office of Planning & Zoning, where she has served as assistant planning and zoning officer for the past three years. The ACR offers loans up to $100,000 to be repaid during a period spanning three-to-seven years at 0 percent interest. Loans are limited to 90 percent of total project costs. The AAEDC has helped underwrite nearly $170,000 in business loans since 2016.