Downtown Rental Rehabilitation Program (DRRP)
Funds from the City’s Tax Increment Finance (TIF) Program are set aside as a financial incentive to the owner(s) of existing buildings located in the Downtown TIF Districts (see attached TIF District Map) for the renovation of market-rate residential rental housing. The goal is to encourage private investment in renovating vacant upper-floor residential properties. In addition, stimulating more residential development in the downtown would improve deteriorated buildings and increase property values, enhancing future tax revenues.
Eligible units must be tenant occupied and not owner-occupied. TIF funds would be leveraged with owner funds (cash and/or loan.) Project timeliness is essential. The owner will have one year, from the date the agreements are signed to the issuance of a Certificate of Occupancy, to obtain the required permits and complete the approved scope of work. TIF funds will only be used for cost of material that will be permanently affixed to real estate plus cost of associated labor. TIF funds will not be used for acquisition of property or for purchases of items that are not permanently attached, such as furniture, appliances, etc.
Properties must be privately owned and located in a TIF District. Applications will be accepted for a single-site property identified by one tax identification number. However, multiple applications may be submitted by one owner/business. DRRP provides zero-interest loans for fifty percent (50%) of the eligible project costs up to a maximum of $25,000.00 per rental unit, with the balance of the project cost paid by the owner. DRRP funds will not be advanced to the owner until a Certificate of Occupancy has been issued for the renovation.
2024/25 DRRP Program Schedule(PDF, 57KB)
TIF Map(PDF, 266KB)
Related Links
Current DRRP Meeting Agenda
Current Meeting Schedule
Meeting Agendas
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