Incentives for Rehab

A major goal of the Hopewell Downtown Partnership and the downtown revitalization effort is to protect and preserve the history and culturally significant character of our downtown district.

The following incentives help make it financially feasible to undertake significant rehab and repair to Downtown buildings. The HDP can help you take advantage of these incentives, and property owners/developers are encouraged to schedule an appointment for assistance.

Please click on a link below for more details:

Historic tax credits are one of the major incentives making rehabilitation of Hopewell’s Downtown structures financially feasible. Close to all of Hopewell’s Downtown buildings are contributing structures to the Historic District making them eligible for both State and Federal Tax credits.

Properties that are “contributing” structures in historic districts and are renovated in accordance with state and federal requirements, are eligible for a 25% state tax credit and a 20% fed credit (non-contributing structures built before 1936 are eligible for a 10% fed credit). Property Improvements must meet certain eligibility criteria to qualify.

Please contact us or look at the Department of Historic Resources Website for more info.

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.

Through Hopewell’s designation as a Virginia Main Street community, the HDP is able to offer certain technical assistance free of charge. The design assistance provides FREE architectural sketches, renderings, and reports for façade improvements to Downtown Hopewell property owners. Coupled with a façade improvement grant, owners can significantly reduce costs of rehab. Other types of technical assistance may be available and you should contact us our office for inquires and examples.

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.

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.

While the incentives look great, sometimes it can be difficult to acquire the funds to take advantage of the incentives.  Please check out some of these creative financing tools offered to Downtown Hopewell.

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