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CRA Approves $8.5 Million in Grants for Commercial Property Owners, Introduces “Legacy Credit” for Long-Term Owners


This information is 1 month old and may no longer be accurate.

The Community Redevelopment Agency (CRA) Board voted earlier today to approve $8.49 million for commercial grants through the end of Fiscal Year 2024. The grant funds will benefit commercial property and businesses owners across ten CRA areas. In addition, long-time commercial property owners can benefit from the new “Legacy Credit,” which rewards long-term property owners making improvements by lowering upfront out-of-pocket costs.

The four grants will be accessible to those in the CRA areas looking to make eligible improvements. These include:
 

  1. Commercial Exterior Grant: Used to enhance the appearance of commercial buildings or properties. Up to $75,000*, with an owner funding match of 50 percent.
  2. Commercial Interior Grant: Used to enhance the interior of commercial buildings and properties. Up to $75,000*, with an owner funding match of 50 percent.
  3. Pre-Development Grant: For commercial or business owners to reduce upfront development costs by providing fully-funded design and engineering services. 
  4. Special Projects Grant: Available for certain limited projects that meet the CRA goals and objectives but do not fall within the parameters of another CRA grant.


In addition to these grants, commercial property owners may be able to avoid large upfront cost with the passage of the new “Legacy Credit.” The credit works alongside the Commercial Exterior and Interior Grants. While those grants require a 50 percent owner match and are provided as a reimbursement, based on the length of ownership, Legacy Credit can reduce the match from 35 percent all the way down to zero.

Years of Property Ownership             Match Responsibility %)

Less than 4 (no Legacy Credit)            50% (1:1)
5                                                           35%
10                                                         25%
15                                                         15%
20 and more                                        0%

Property owners begin Legacy Credit eligibility at five years, but the greatest benefits are reserved for those with 20 years or more.

For example, a 20-year property owners wants to complete $50,000 of qualifying improvements in a CRA area with a maximum grant of $50,000. This owner would qualify for the Legacy Credit with a zero percent owner match and would have no up-front expense if they elect to have the grant award paid directly to their contractor.

To apply for grants, property owners must be located within one of the Tampa CRA’s boundaries and must schedule a pre-application meeting. Applications will be made during pre-application meetings starting on July 1, 2024.

*Award maximums vary by District.

CRA Consultation form: https://www.tampa.gov/form/request-for-cra-consultation