Our traditional Redevelopment Grant Program works well on sites where there are costly impediments to a planned or proposed redevelopment project. But sometimes communities need assistance with demolition and other redevelopment activities on sites where there is no current development plan or where future development visions are hindered by current blight. In some cases, communities may need to address more immediate public safety concerns or hazardous conditions on a site before considering future redevelopment options.
The Demolition Loan Program meets those needs by helping development authorities with the costs of demolishing blighted buildings on sites that have future development potential but where there are no current development plans.
Development authorities, including cities, counties, port authorities, housing and redevelopment authorities, and economic development authorities.
Demolition activities, including interior remediation such as asbestos abatement. Loans would pay up to 100% of demolition costs for a qualifying site. The loans may also assist with site acquisition costs.
Property and buildings must be publicly owned. The following terms apply:
If the site is developed, the remaining principal and interest (up to 50% of the loan) could be forgiven based on development benefits.
Please contact us for the application.
Kristin Lukes at 651-259-7451 or 1-800-657-3858.
