Some Albuquerque business owners will now be able to get money to help improve their properties.
The Metropolitan Redevelopment Agency (MRA) on Tuesday launched its Renovate & Reinvest grant program to reimburse eligible business owners for improvement projects.
The program was announced in a news release stating eligible applicants include properties in the five metropolitan redevelopment areas, which are located in the Barelas, Downtown, east Downtown, Menaul and University areas.
Eligible property owners can receive up to $95,000 per fiscal year “to enhance the aesthetics and functionality of their buildings, fostering business growth and enhancing community pride,” according to the release. The MRA will accept applications until the grant’s funds run out.
Acceptable improvements include exterior upgrades, lighting, security systems, structural repairs, HVAC installation and energy conservation improvements. Improvements outside of a business’s physical building, such as fencing or landscaping, are not eligible for reimbursement.
According to the MRA, funds will be awarded competitively, focusing on projects that “produce a clear visual impact at the ground-floor level, further encouraging pedestrian traffic and economic activity.”
“We’re helping local business owners improve their curb appeal and be part of the vision for a better, stronger Albuquerque,” Mayor Tim Keller said in a statement. “This funding will help businesses make a real difference in the look and feel of our neighborhoods, and revitalize key areas of our city.”
Renovate & Reinvest is a matching grant program that requires businesses to provide the total cost of their improvement project and if accepted, the MRA would match the cost with the program funding. The matching cost will be based on business size.
Business owners must submit an eligibility application form with proof of property ownership, a description of the project, the project budget with itemized costs and a completion timeline that is supported by the vendors or contractors.
To find out if your business is within the eligible boundaries or for more information on the program’s requirements and guidelines, visit cabq.gov/renovate.
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