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The Storefront Renovation Program assists targeted neighborhood retail districts in becoming attractive, economically viable, and diverse places to shop. The program helps fund the rehabilitation/renovation of (primarily) traditional storefront building exteriors including:
Bringing them into Building Code compliance
Correction of maintenance items and code violations
Renovation of architectural/historic details
Site improvements
Design and installation of new signage
The Storefront Program offers financial incentives (rebate or loan) combined with free City design assistance to applicants considering an exterior rehabilitation of a commercial structure. To better meet these objectives, the City partners with neighborhood Community Development Corporations.
Storefront Rebate Projects must contribute to the commercial vitality of the City’s neighborhood commercial districts. This means that project eligibility is limited to specific building types. Additionally, the Storefront Program is not a citywide program and rebate incentives are limited to targeted areas. The program is not a maintenance-only program and requires building rehabilitation to be comprehensive in scope and create a visual impact on the main street facade.
If the project is located in a retail Target Area, then the applicant is eligible to receive a rebate of 40% of the eligible project cost not to exceed a maximum rebate of $25,000. The Rebate Program requires the applicant to pay for all construction costs in full within a one-year contract timeframe before receiving a rebate.
Loan Program Information
Storefront Loan Projects are limited to specific building types that will contribute to the commercial vitality of the City’s neighborhood commercial districts. Through the Storefront Loan Program, low-interest loans are available in either the Target Area or the larger CDC neighborhood service areas. Unlike the Storefront Rebate Program, once the most visible main elevations of the building are addressed, the rear, hidden side elevations, flat roofs, and foundations can be included in a Storefront Program Loan. The loan incentive may be used in combination with the program’s rebate incentive. All loan requests are reviewed and approved by Dollar Bank, the Storefront Program’s participating lender. The current rates for the Storefront Loan Program are:
For loans up to $50,000, a 4.00% fixed-rate for a 10-year repayment/15-year amortization
For loans between $50,000 and $100,000, a 4.25% fixed-rate with a 10-year repayment/15-year amortization
Note: At the end of 10 years, the outstanding balance will be rolled into a new loan and interest rate.
We are committed to improving the quality of life in the City of
Cleveland by strengthening our neighborhoods through successful
housing rehabilitation efforts, commercial rehabilitation efforts, new housing
construction, homeownership, and community focused human services.
