Revitalization and Placemaking Program (RAP) - Real Estate Rehabilitation and Development Grants
Key Information
Due Date: Not Specified
Agency: Michigan Economic Development Corporation
Source: Michigan
Funding Categories:
Funding Amount: $50,000,000
Funding Type: Grant
Match Required: Yes
Status: Posted
Contact Info:
rap@michigan.org
888-522-0103
888-522-0103
Overview
Purpose: The RAP Real Estate Rehabilitation and Development grants provide gap financing to catalyze redevelopment of vacant, underused, blighted, and historic buildings to grow population and tax base in Michigan communities. Project eligibility: Projects must be on previously developed property and be located in or contribute to a traditional downtown, central business district, neighborhood commercial node, or adjacent walkable neighborhood. Eligible costs include acquisition; construction, rehabilitation and demolition; site improvements and streetscaping; parking and public infrastructure; equipment and fixtures; professional services; and developer fees up to 4 percent. Applicant considerations: Eligible applicants include individuals, nonprofit organizations, local economic development organizations, and private real estate developers. Competitive proposals show strong local support, secured matching funds (RAP covers up to 50 percent of eligible costs), alignment with local plans, readiness (approvals, financing, market demand), and long-term viability; projects in disadvantaged areas are encouraged. Application process: Real estate redevelopment applications are accepted on a rolling basis as funds are available. Prospective applicants should contact their regional Community Development Manager, review the RAP Program Guidelines, and complete the RAP application materials. Awards are structured as performance-based reimbursement grants with milestone reporting and two disbursements.
Show More
Key Dates
Posted Date: October 14, 2024
Application Due Date: Not Specified
Estimated Award Date: Not Specified
Additional Details
Eligible Applicants
- Individuals
- Nonprofits having a 501(c)(3) status with the IRS, other than institutions of higher education
- Small businesses
- For profit organizations other than small businesses
- Special district governments
- Others