Incentives for Rehab

The Virginia Enterprise Zone Program provides general income tax credits, investment tax credits, job grants and real property improvement credits to qualifying businesses in state-designated enterprise zones. Downtown Hopewell is located in an enterprise zone and as such there are incentives both on the local and state level. In Downtown Hopewell you can take advantage of both.

• Virginia Enterprise Zone Incentives

• Hopewell Enterprise Zone Incentives

Through Hopewell’s designation as a Virginia Main Street community, HDP is able to offer certain technical assistance free of charge. Our design assistance program provides FREE architectural sketches, renderings, and reports for façade improvements to Downtown Hopewell property owners by Frazier & Associates. Coupled with a façade improvement grant operated by the City, owners can significantly reduce costs of rehab. Other types of technical assistance may be available. Contact us for assistance!

The City of Hopewell has implemented a Facade improvement grant that allows for a matching grant of up to $10,000 for eligible facade improvements to Downtown buildings.

HDP can provide free architectural sketches, renderings, and reports for façade improvements to Downtown buildings. Coupled with a façade improvement grant, owners can significantly reduce costs of rehab.

Other types of technical assistance may be available and you should schedule an appointment to learn more.

• Downtown Facade Improvement Grant Guidelines

• Downtown Facade Improvement Grant Application

This program provides for a partial exemption from real estate taxes on an amount equal to the increase in assessed value resulting from the rehabilitation, renovation or replacement of the structure, which is no less than twenty-five (25) years old. The program provides properties located in the downtown with a ten (10)-year tax abatement that provides relief on a declining scale beginning with a 100% abatement in the first year after completion of the work down to a 10% abatement in the 10th and final year of the program.

As a Main Street Community, the HDP has access to certain grant opportunities from the National Trust for Historic Preservation. Grants vary in size and use ranging from $2,500 to $10,000. Please contact us if you are interested in seeing if these grants would apply to your project.

Certified small businesses may receive preferential federal contracting benefits if they are located in qualified geographic areas. Downtown Hopewell is a qualified geographic area.

The Small Business Administration’s Historically Underutilized Business (HUB) Zone program certifies businesses for Federal contracting preferences that employ staff that live within the HUB Zone. The company must also maintain a “principal office” in one of these specially designated areas.

Information about HUB Zone benefits, certification and geographic qualification may be obtained by contacting SBA staff at 202-205-7663 or at www.sba.gov/hubzone/.

The HDP is working diligently to provide more incentives for both property and business owners in Downtown Hopewell. Such incentives may include a low interest loan pool, interior matching grants, and others. Please contact our office to learn about these upcoming incentives.