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NPF-CRA Development Incentives
In all effort to create a vibrant, sustainable community, the CRA offers various development incentive programs to stimulate positive development. If you are interested in undertaking a development in the CRA district, please read the following program overviews. If you are seeking assistance, we encourage you to call our office so we can provide you with guidance tailored to your specific needs. Please note that all benefits are contingent upon funding availability and CRA/City approval. For questions about housing assistance programs, such as first-time homebuyer or home repair programs, please call the Community Development Division at (954) 828-4526.
The City will grant funding for 75% of a project totaling up to $10,000 or less, for a maximum CRA grant of $7,500. For projects within the CRA’s targeted redevelopment areas on Sistrunk Boulevard, the maximum contribution may be increased to $20,000 with a 20% match from the business. Façade improvements include landscaping, the installation of new lighting, exterior painting and any other approved exterior improvement.
Housing Investment Program
This program is available to private sector owners, developers, institutions or civic organizations wishing to undertake a large-scale residential project in the Midtown or Flagler Heights area. Developers of residential projects investing up to $5 million may be eligible for the incentive. For sale units, followed by rental units, both with affordable components will be given preference.
Flagler Heights Strategic Investment Streetscape Program
All development projects in Flagler Heights costing up to $5 million may be eligible for funds for streetscape improvements. Depending upon the scope of the project, up to 50% of the cost of the streetscape construction within the public right-of-way may be funded.
Midtown Strategic Investment Program
Commercial and mixed-use projects on Sistrunk Boulevard costing up to $5 million may be eligible for funds through this program. Projects must meet the objectives of the CRA and be financially viable.
Low-Interest Loan Program
The CRA may subsidize 50% of the interest only, on the principal amount of loans obtained for major rehabilitation or reconstruction projects located within the CRA district in the priority areas. The loans are based on prime rate and no points or closing costs are charged. The maximum loan amount is $350,000.
Business Relocation and Incentive Program
This program is designed to facilitate difficult redevelopment projects. The CRA can facilitate acquisition, rehabilitation and relocation through grants and other forms of assistance. The program allows the CRA to work with existing businesses and those who wish to locate to the area in order to achieve a critical mass of desirable businesses. Financial assistance is available for tenant relocation, for the securing of new tenants or for property owners who wish to make their properties more desirable for lease or rent.
Real Estate Development Accelerator (REDA) Program
The Real Estate Development Accelerator (REDA) is a performance-based tax incentive available to large-scale development projects. This program provides support during the initial stages of development for projects within the district. For specific information on this program, please contact the CRA office.