Uptown Lexington Facade Grant and Historic Window Rehabilitation Grant
Uptown Lexington manages a local facade grant program for properties with the Municipal Service District. All work must meet the Secretary of Interior Standards and must be approved before work begins.
Funding includes 50% of facade project cots up to $4,200 for qualifying buildings (based on street facing facades and linear street footage)
If restoring historic windows, funds are available for 50% of the cost of restoring historic windows, up to $400 per window.
For more information about our facade grant program and application click here.
Uptown Lexington CDBG Loan
Uptown Lexington received a Community Development Block Grant in the early 2000s to create a loan pool of $48,000. These funds are to be used for code corrections which encompasses any interior or exterior work that prevents a building being utilized to its full potential. Proposals are accepted through Uptown Lexington.
North Carolina Loans and Grants
As a North Carolina Main Street and National Main Street Accredited Program, Uptown Lexington is eligible for grants through the North Carolina Department of Commerce as well as state and federal tax credits. More information can be found below on incentives for historic redevelopment of properties. All renovations utilizing grants, loans, or tax credits must meet the Secretary of Interior Standards.
Please note for reference that Davidson County is a Tier 2 county.
Downtown Redevelopment Fund
A relatively new funding pool, DRF “is designed for infrastructure upgrades of downtown buildings in order to meet current code requirements. The upgrades should be for vacant or underutilized downtown commercial buildings. An underutilized building is defined as a property that is less than fully utilized or used below its potential. This fund is designed to return vacant or underutilized commercial buildings to economic use for new and/or expanded business. The goal of the fund is the prevention or elimination of urban blight.” (NC Dept of Commerce)
This requires a 25% match from non state or federal funds.
Project Award – Min $300,000 and a max of $500,000
Main Street Solutions Fund
MSSF is a tool that has benefited many Main Street communities throughout the year. Requirements include 1 full time job created for every $25,000 awarded in grant funds.
“The purpose of the fund is to provide maximum support to small businesses in designated micropolitans located in Tier 2 and Tier 3 counties and/or in designated North Carolina Main Street communities. The grants will be used to assist planning agencies and small businesses with efforts to revitalize downtowns by creating jobs, funding infrastructure improvements and rehabilitating buildings.
Thirty-two communities have been awarded Main Street Solutions Funds, totaling $4,043,693. For every $1 invested by the state, an additional $6.42 will be invested by the local community. Fifty-nine businesses will directly benefit from the Main Street Solutions grant program. Those businesses will create or retain a minimum of 673 permanent full-time and part-time jobs. The total projected investment is $25,227,857.” (NC Dept of Commerce)
Project Award – Min $25,000 and a max of $200,000
This requires a 50% match from non state or federal funds.
Federal and State Tax Credits
The Federal Historic Preservation Tax Incentives program encourages private sector investment in the rehabilitation and re-use of historic buildings. It creates jobs and is one of the nation’s most successful and cost-effective community revitalization programs. It has leveraged over $78 billion in private investment to preserve 41,250 historic properties since 1976. The National Park Service and the Internal Revenue Service administer the program in partnership with State Historic Preservation Offices.
A 20% income tax credit is available for the rehabilitation of historic, income-producing buildings that are determined by the Secretary of the Interior, through the National Park Service, to be “certified historic structures.”
North Carolina instituted a historic tax credit program in 1998 which expired in 2014. New historic tax credits became effective in January of 2016.
A 15% income tax credit is available for the rehabilitation of historic, income-producing buildings that are determined by the Secretary of the Interior, through the National Park Service, to be “certified historic structures.” An additional 5% income tax credit is available for tier 1 and tier 2 counties.
Please note structures within the boundaries below are have already been added to the Uptown Lexington Historic District on the National Register.
For a complete listing with decriptions, including contributing buildings and non contributing, click here.