Industrial Revitalization Fund deadline extended

September 3, 2013

By Erik Johnston

The Department of Housing and Community Development announced that the deadline for applications to the Industrial Revitalization Fund (IRF) has been extended to Sept. 20.

The IRF program will award up to $2 million total for construction projects aligned with local and regional economic development strategies.

The IRF leverages local and private resources to achieve market-driven redevelopment of vacant and deteriorated industrial and commercial properties. Eligible properties include those formerly used for manufacturing, warehousing, mining, transportation and power production, as well as large-scale white elephant structures, such as department stores, theaters, hotels and shopping centers. Remnants of past economic vibrancy and local economies in transition, these structures are no longer suited for their former purpose, and in their current deteriorated condition, stand as a significant deterrent for future economic opportunity in the surrounding area and region.

The maximum level of funding is $600,000 and all grant awards require a 1:1 match from public or private funds. Only local governments (city, county or town) or regional or local economic or industrial development authorities may apply for the funds. However, localities may designate a redevelopment authority or other similar organization as the designated agent for implementation and administration of activities. Eligible applicants may also partner with private and nonprofit entities.

For more information about the program, visit the IRF webpage.

Topic Tags: IRF Program, VDHCD

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