• crazymommy

    I always wondered why no one ever took advantage of the funding available for converting industrial space into residential use in Frankford. There is so much to work with.

  • Jim

    could you enlighten me as to what funding is available for these guys?

  • crazymommy

    2 things are available for commercial to residential conversions one is abatements. Another is grant/funding that can be applied for in co-ordination with a local municipal authority of which there are several. Not knowing the particulars of these conversions I would not be able to suggest which program, however I believe it would be worth researching and evaluating the available options. The abatement examples illustrated here are from the BRT naturally. Another possibility is money to help with environmental mitigation issues that is available also with the aid of municipal planning. The downside being that it takes a long time to get the funding in place. Its almost as tricky as getting your car back from the PPA impound.

    In an effort to encourage real estate development, the City of Philadelphia offers extensive property tax
    abatements for most new construction, and significant improvements to existing buildings. The City’s
    property tax abatement program, begun in the late 1970s (three years) and expanded in 1998 (conversions
    to commercial-residential rental only ― ten years) and again in 2000 (all new construction or substantial
    rehab, sales and rental ― ten years), has been credited with spurring considerable investment in the City’s
    commercial and residential infrastructure.

    the six City ordinances that define the extent and eligibility of property tax abatement:
    Philadelphia Property Tax Abatement Ordinances
    M 10-year abatement for existing residential rehabilitation, capped at
    9611 $50,400 of total value.
    1 10-year abatement for existing residential rehabilitation, uncapped.
    1456 N 10-year abatement for new residential construction, uncapped.
    970274 6 10-year abatement for conversion of existing buildings to commercial
    residential use.
    1130 8 10-year abatement for either improvements or new construction of
    commercial, industrial or other business properties.
    175 2 30-month abatement granted to developer of residential property until
    properties are sold or otherwise transferred.
    Source: Board of Revision of Taxes (BRT)
    1 Note: Ordinance number 961 covers both exemption codes “M” and “1”. This is because this ordinance was more recently
    amended to remove the cap on the abatement.
    Philadelphia Property Tax Abatement Ordinances
    M 10-year abatement for existing residential rehabilitation, capped at
    96111 $50,400 of total value.
    1 10-year abatement for existing residential rehabilitation, uncapped.
    1456 N 10-year abatement for new residential construction, uncapped.
    970274 6 10-year abatement for conversion of existing buildings to commercial
    residential use.
    1130 8 10-year abatement for either improvements or new construction of
    commercial, industrial or other business properties.
    175 2 30-month abatement granted to developer of residential property until
    properties are sold or otherwise transferred.
    Source: Board of Revision of Taxes (BRT)

  • crazymommy

    http://www.epa.gov/brownfields/html-doc/rlf/philly.htm

    EPA brownfields cleanup revolving loan fund
    (aka brownfields lig money)

    EPA Region 3 helps communities and property owners reuse contaminated sites by:

    Offering a variety of grant and loan programs, technical assistance and other EPA funding opportunities to help communities assess and clean up brownfields and ready them for redevelopment. Examples of how brownfields grants have been used to redevelop properties in the mid-Atlantic region are highlighted at Brownfields Success Stories.

    Developing partnerships to facilitate reuse. Region 3’s Land Revitalization Action Team is ready to assist buyers and developers in understanding EPA’s role in the cleanup of a site and any financial or environmental obligations that remain on the property. The Guide to Federal Program Resources provides information on over 20 Federal agencies and how they support land revitalization projects.

    Encouraging reuse that incorporates sustainable development, green design and ecological enhancements.

    Measuring the economic and environmental benefits from the reuse of cleaned up sites.

    Working to resolve complex, area-wide contamination problems (e.g., geographical initiatives) to help revitalize watersheds.

    Informing interested parties through EPA Region 3’s Brownfields and Land Revitalization e-mail list. Receive periodic announcements and press releases related to the Brownfields program and receive Region 3’s quarterly e-newsletter Land Revitalization Update by signing up today.

    http://www.epa.gov/reg3hwmd/bf-lr