Wednesday, September 14, 2022

Government Grants For Commercial Real Estate

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How Do Real Estate Redevelopment Grants Work

Free Money | Real Estate Investing | Real Estate Grants | Government Grants | Commercial Real Estate

by Lawrence Klamecki

Real estate redevelopment grants help public/private partnership recipients finance the replacement, rehabilitation, repurposing, or improvement of existing industrial, residential, downtown, or commercial properties. When the public/private market is not supplying sufficient economic activity for the development or improvement of underused or blighted urban or suburban areas, redevelopment grants act as flexible financial assistance tools that help encourage such revitalization of property sites.

Emergency Capital Repair Program

This government grants for real estate investors help the property owners to obtain money for their property repair. Only the multifamily property owners who offer affordable rent to their tenants can obtain the fund. The awarded fund can be used to cover any repairs that affect the safety and health of tenants. For your information, this will only be awarded one time to each grantee.

What Is A Grant From The Government

A grant is one of the ways the government funds ideas and projects to provide public services and stimulate the economy. Grants support critical recovery initiatives, innovative research, and many other programs. You can find a list of projects supported by grants in the Catalog of Federal Domestic Assistance . You can also learn about the federal grant process and search for government grants at Grants.gov.

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Grant And Loan Programs

The Office of Economic and Workforce Development and our community partners offer small business consulting services and access to capital in the form of grants and affordable and flexible loan products. For COVID-19-related financial relief programs, go to oewd.org/COVID19/business.

Loans- funded by various sources including the City, community lending circles, crowdsourcing, and community lenders to meet the needs of entrepreneurs at different stages of their growth.

Disaster Unemployment Assistance For Realtors

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The first disaster relief program option is through unemployment. This is great for solo real estate agents who are unable to work, or unable to generate enough business due to the economic fallout. This form will be different from state to state because your state government is responsible for distributing the federal economic funds. At the time of this blog, the government has started to distribute the funds from their latest two-trillion-dollar package through the Disaster Unemployment Assistance federal program. This provides financial assistance to jobless workers and the self-employed.

This applies to independent contractors which includes real estate agents. You do not need to be a W-2 employee thats laid off. For the state of California, you would go through the Employment Development Department of the state of California. Google disaster unemployment assistance for your local state. It will describe who is eligible. Most of the states have been declared disaster areas. In light of COVID-19, we are seeing that we can now apply for this disaster relief program.

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In Conclusion Government Grants To Buy Investment Property

There are many options when it comes to finding a government to buy investment property. If youre considering this an a strategy, understand that it isnt as simple as getting a free handout. You will need to demonstrate that whatever youre doing is good for the community and will help the area thrive. In addition, youll also likely need to show that youre stable enough to complete the project. Hopefully this article about grant money for real estate helps you complete your dream!

Good Neighbor Next Door Program

The Good Neighbor Next Door Program from the Department of Housing and Urban Development , is not strictly limited to first-time buyers and can help you save big on a home. HUD lists eligible properties by state.

The idea behind this program is to encourage renewal in specific areas. To be eligible, you must purchase property in an area meant for revitalization and is only open to certain professions, including law enforcement officers, firefighters, teachers and emergency medical technicians. If you commit to living in this property for at least three years, you can receive up to 50% off the list price of the home.

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Learn About The Covid

Real estate agents are now battling through the economic fallout due to governmental restrictions resulting from the Coronavirus, aka COVID-19. There are several options when it comes to disaster relief programs for Realtors during the COVID-19 crisis. Many agents are unable to work, or unable to work at the level that they need to.

Depending on where you are in the country, there are varying restrictions. These restrictions may limit your ability to perform services to the fullest extent. Due to the impact of the Coronavirus on the economy, the federal government, and many state governments, have created several different resources for financial assistance.

Seller Financed Real Estate

Real Estate Grants| Grants for Real Estate| Government Grants for Investment Properties| Real Estate

Seller-financed real estate deals are private transactions between the seller and the buyer where the seller agrees to finance the buyers purchase and carry the note on the property.

The buyer is typically still required to make a down payment and I do recommend that both parties hire professionals to draw up a contract and a promissory note. Youd be amazed at how many people will have a handshake deal or something handwritten they just throw together. This contract should include details such as interest rates, payment schedules, the term of the loan, and other consequences in case of a breach.

Transactions in this arena can move very quickly because there are no banks or other third-party financing entities involved. They can also be very advantageous for both parties – the buyer will often see better loan terms than if they went to a bank and the seller wont get hit with a massive tax bill for capital gains all at once.

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Sba Loan For Team Leaders

As far as a team leader is concerned, you may receive checks in and then payout commission splits. That is one way of doing it. Another scenario is if you take in only your commission generated from your sales, and then your brokerage pays the other agents directly. Or, a title, escrow, or closing company pays the other agents directly. In that case, you can use your gross receipts with no cost of goods sold.

Include any employees you have. If youre a real estate team, you have an administrative assistant, for example. From a general standpoint, Id probably try to get my employee count up as high as possible. The SBA is going to want to help those with employees.

Neighborhood Stabilization Program Grants

This program is meant to help neighborhoods that have a lot of abandoned or foreclosed homes. The resulting neglect drags down the appearance and hence the value of the entire neighborhood. Like most government grants for investment properties, NSP Grants can help people who could not afford to buy a house otherwise. When new owners move in and fix the property up, it benefits the entire community.

NSP Grants are provided by the Department of Housing and Urban Development. They do not go directly to individuals. But like most other federal grants, they go to state and local agencies and to some non-profits which then distribute the funds accordingly.

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Commercial Real Estate / Development

For nearly every type of business, real estate is a crucial component. For property owners, managers, developers and construction companies, property issues are fundamental aspects of business. Skillful solutions to those issues are essential to success. Even if your company is not directly involved in the real estate industry, your place of business whether purchased or leased is an important investment. Regardless of the issues youre facing, the attorneys at Roth Blair who concentrate on real estate and related fields can provide the counsel and support for your business needs. Our diverse law practice addresses purchase, sale and leasing transactions development, zoning and planning construction financing and the oil and gas industry.

Cover Your Bases: Apply For Every Program You Can For Disaster Relief During Covid

Government Programs That Provide Assistance For ...

We are telling our clients here at Icenhower Coaching and Consulting to apply for each program that they qualify for. There are rumors that you cannot accept both the SBA Loan and the PPP. At the same time, a lot of experts are now saying that you may be able to receive both concurrently. I have not read anything definitive either way.

In todays environment, changes are coming into effect every week after they roll out these programs. Apply for both programs now and decide later which one you want to accept.

You also dont know the amount you will receive from each program. You might make your decision based on those amounts once your applications are accepted. So, I would apply for both. Before you sign anything or you promise to pay anything back, look at the terms. We dont know which plan will end up being better at this point. You may as well cover your bases and make the choice after you receive both offers.

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Examples Of Redevelopment Grants

Here are examples of nine Community Development Block Grants available for supporting community redevelopment needs:

  • CDBG Colonias Set-Aside
  • Section 108 Loan Guarantee Program
  • State CDBG Program

You may also find redevelopment grants in your community by researching for grants distributed by your local government or organizations. In Boynton Beach, the citys Community Redevelopment Agency partnered with Habitat for Humanity of South Palm Beach County on a project to build 16 new single-family homes and provide infrastructure improvements. CRA granted $75,000 of the $475,000 needed to fund the project.

In the city of Hampton, Rock the Block is a home improvement matching grant program between the Habitat for Humanity and Hampton Redevelopment & Housing Authority. The Habitat for Humanity will grant up to $15,000 per house for short-term curb appeal projects. Eligibility requires homeowners to match 10% of redevelopment costs, while renters/investors must match 50%.

In Baltimore, the city-wide Facade Improvement Grant provides financing for commercial and industrial properties to enhance building facade appearances, signs and awnings, and other exterior improvements.

The Streamlined TIF program, in Chicago, provides property improvement grants for renovation, expansion, or redevelopment costs for industrial, commercial, retail, or residential mixed-use properties. This grant finances 25% of costs, ranging from $25,000 to $1,000,000 in assistance.

Wake County North Carolina

The county of Wake, Florida offers a commercial grant Commercial Waste Reduction Grants of up to $10,000 that is awarded to businesses with an innovative commercial waste reduction plan.

The federal government also provides a number of commercial grants that can benefit commercial enterprises. An example of one of these programs is listed below.

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Grants For Real Estate

Federal and select private funding opportunities afford communities, townships, state and local governments and in rare specific cases, individuals to either reclaim, build or rebuild, or expand lands, dwellings and businesses serving the greater public need in the form of real estate grants.

Good old Uncle Sam, the federal government invests more money in this arena than do private foundations. The federal government supplies millions upon millions of dollars earmarked as grants for real estate, which are made available to all qualified townships, organizations, businesses and in some rare cases, individuals. Over twenty billion dollars total funding has been made available under the American Recovery Act proclamation and qualified entities and individuals are eligible to receive federal government real estate grants to fund:

While less frequent, there are some private foundations which offer real estate grants. Some of the more prolific awarding foundations are:

  • The Mitte Foundation. The Mitte Foundation offers small-sum real estate grants for 501-C-3 organizations and select qualified individuals within a geographicconstraint in the state of Texas.
  • The Sobrato family Foundation. The Sobrato Family Foundation provides unrestricted general operating support, in-kind office and meeting space real estate grants, and affordable housing loans.

Who Can Get A Grant

How To Get Government Grants For Real Estate and Small Business Investments

The federal government awards grants to organizations including:

  • State and local governments

  • Non-profit organizations

  • Businesses

The intent of most grants is to fund projects that will benefit specific parts of the population or the community as a whole. What you might see about grants online or in the media may not be true. The federal government does not offer grants or free money to individuals to start a business or cover personal expenses. For personal financial assistance, the government offers federal benefit programs. These programs help individuals and families become financially self-sufficient or lower their expenses.

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Businesses Seeking Opportunities In Real Estate

More information on doing business with GSA is available on the For Businesses: Working with GSA page.

GSA provides workplaces to the government by constructing, managing, and preserving federal buildings and by leasing and managing commercial real estate through its Public Buildings Service .

To accomplish this mission, GSA looks to the private sector for the following:

Shows vendors how to become a GSA Schedule contractor

For business opportunities with PBS, visit SAM.gov.

For DUNS Number inquiry,

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Rates for Alaska, Hawaii, U.S. Territories and Possessions are set by the Department of Defense.

Rates for foreign countries are set by the State Department.

Eligible Redevelopment Grant Use Of Funds

Eligible redevelopment expenses can include improvements to the real estate property in the following areas: code compliance, façade improvements, stormwater management, environmental remediation, lighting, windows and doors, and safety alarm systems.

According to American Planning Association , these are some other conditions that may qualify one for a redevelopment grant:

  • Unsafe or unhealthy building conditions for people to live or work due to dilapidation deterioration defective design or physical construction inadequate utilities lack of ventilation, light, or sanitary facilities contamination by hazardous substances or below minimum code
  • Inadequate public improvements, parking facilities, or utilities
  • Existence of fire hazard or other hazardous conditions
  • Improper or incompatible use of adjacent land or buildings
  • Excessive vacant buildings or lots within urban use areas served by utilities
  • An extraordinary local decline in property values or tax delinquencies that diminish the equitable delivery of public services and improvements

Ineligible redevelopment expenses attached to the real estate redevelopment grant may include fees associated with: professional fees, signage, landscaping, painting, or fixtures not affixed to the property.

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Commercial Grants For Enterprises

Owning a commercial enterprise has become even more difficult given the current economic climate. Many commercial enterprises have found themselves without a steady income yet, they are facing operational costs that continue to rise. Commercial grants have grown in number since the sharp decline in the economy likely as a result of local, state and federal efforts to provide monetary assistance to individuals working in commercial enterprises.

A number of local governments are offering assistance in the form of commercial grants to assist business owners in reducing their overhead costs and toward an interest in rehabilitating and revitalizing businesses and housing in their local areas. Examples of these commercial grant opportunities are outlined below.

Federal Grants Funding & Benefit Programs

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To sort through the federal grant programs, the authoritative source is the Catalog of Federal Domestic Assistance . This catalog lists all of the available funding programs to all levels of government, nonprofit organizations, for-profit businesses, and other eligible entities. Search Grants within Grants.gov allows you to search, filter, and apply for specific opportunities to receive funding from one of these programs.

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Sba Loan For Solo Real Estate Agents

For solo real estate agents, that number will include your gross commission income for the last 12 months. Next, the form will ask you for your cost of goods sold. For a solo agent, youre not going to have much when it comes to the cost of goods sold. You might pay a stager, for example. If you pay a stager out of every sale, if you pay for a certain a photographer out of every sale, those would be considered your cost of goods.

Applying For The Paycheck Protection Program Diaster Relief During Covid

The PPP form is not long its only four pages, just about the same length as the other applications. The form that you do through your bank is designed to be streamlined and very quick. What you will need to know is your average monthly payroll. How much do you pay on an average month? Thats the big determinant here, as well as the number of jobs you have.

If youre a solo agent and you dont pay anybody regularly or on payroll, this program is probably not for you. This program is going to be for the larger real estate teams and real estate brokerages because it is determined by your payroll. They look at your average monthly payroll. They want you to determine the average from the last 12 months and then they will have you multiply it by 2.5. That will give you a dollar amount, and that dollar amount is the amount that they will loan you.

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Restore Act Direct Component Construction And Real Property Activities

As a part of its RESTORE ACT, The US Department of Treasury offers successful applicants access to funds from the Gulf Coast Restoration Trust Fund. This was formed mostly from funding received after July 6, 2012, from fines and penalties paid to the Federal Water Pollution Control Act in connection with the Deepwater Horizon oil spill. This grant has many purposes, such as promoting tourism in the Gulf Coast region, and job creation and workforce development. Applicants may be able to receive real estate development-related funding if they meet the grants criteria.

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