What is Project Restore Maryland?

Maryland Real Estate investors should be informed about Project Restore, especially those investing in Commercial Real Estate. Whether you’re a new or a seasoned investor in commercial real estate, we’ll provide some essential information for property buyers in the Fredrick Area.

Maryland Department of Community Development run Project Restore, supporting Maryland businesses and providing incentives for investments in vacant commercial properties.

Applications for 2022 opened July 7 and closed September 8, still giving you enough time to find opportunities in the western Maryland real estate market. However, don’t waste too much time because if request volume exceeds available funding, the OneStop portal may close.

Before requesting funding, you must register with the Maryland OneStop central hub for document information. Below is a list of the required documents to request funding:

Online registration verification from the Maryland State Department of Assessments and Taxation for the applicant, landlord, and property owner.
Maryland State Department of Assessments and Taxation Real Property online verification of owner of vacant property
Applicant’s signed and dated IRS W-9 Request for Taxpayer Identification Number and Certification.
Signed and dated by both applicant and landlord a lease or letter of intent to lease and occupy the vacant space. NOTE: If awarded funds, the applicant must provide a signed lease agreement prior to executing a grant agreement and receiving any funds
If applying for the Business Operations Grant, existing businesses must provide proof of sales and use tax paid in CY2021 and CY2022; new businesses must provide information on anticipated sales and use tax to be paid beginning January 1, 2023.

Commercial Real Estate investors can apply for property assistance and business grants. Each has its set of guidelines for one-year funding periods. This gives investors a wide range of options for deciding which property they are interested in purchasing.

Property grants are up to 30,000 for expenses such as rent, mortgage payments, or property improvements. Business grants are for those who generate sales with taxes, providing up to $250,000 of financial support for capital and operating expenses of the vacant property.

While searching for new vacant properties, only consider those unused for at least six months, and those within these sectors are not eligible: