Hogan Announces Main Street – Downtown Revitalization Program

A $25-million program to revitalize Maryland downtowns and Main Streets was announced Monday by Governor Larry Hogan during a visit to Berlin.

Project Restore would provide financial incentives for taking over and investing in vacant retail space in the form of rental subsidies and sales tax rebates. The Maryland Department of Housing and Community Development will administer the program.

“Project Restore will help put more ‘open for business’ signs in storefront windows, create thousands of jobs, and transform neighborhoods and communities,” Hogan said. “This initiative is just one more shining example of how we aren’t just committed to fully recovering from this pandemic, we are committed to coming back stronger and better than ever before.”

“Our department has been proud to support the economic recovery of Maryland with over $1.78 billion of pandemic related funding allocated to help businesses, nonprofits, entertainment and tourist venues, renters, homeowners, and other Marylanders in need,” DHCD Secretary Kenneth C. Holt added. “Project Restore will be another step to revitalizing and bringing life back to the commercial corridors and Main Streets that are the lifeblood of Maryland’s economy.”

Hogan’s office released these details about the program:

Available Incentives. Businesses will be eligible for sales tax relief rebates equal to the business’ sales tax receipts for the 12 month period, with a maximum of $250,000 per year. Eligibility will be based on the same tiering criteria as the More Jobs for Marylanders program: 

• Businesses in Tier 1 counties—which includes Baltimore City and any Opportunity Zone in Maryland—will be eligible to receive the rebate for two years of operation.
• Businesses in Tier 2 counties will be eligible to receive the rebate for the first full year of operation.  

Additionally, small business applicants will be eligible for rental subsidies of $2,500 per month for 12 months—up to $30,000—to help offset start-up costs during the first year.

Eligibility Guidelines. To qualify for Project Restore, eligible entities must begin new or expanded operations in space that has not been generating sales tax receipts for the past six months or more. All applicants commit to occupying the space for a minimum of 12 months following receipt of the grant. For more information on Project Restore, visit dhcd.maryland.gov/ProjectRestore.