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Committee advances two‑year pilot to fund redevelopment of older downtown buildings after contentious debate
Summary
The committee reported House Bill 16 64 by roll call, 14–12. HB 16 64 would create a two‑year DCED-administered Older Building Redevelopment Assistance grant program offering $50,000–$500,000 (or up to 30% of project cost) for commercial, industrial, transportation or multifamily projects in buildings at least 50 years old; the legislation includes a 3% administrative allocation and a two‑year completion requirement with a possible six‑month extension.
The House Local Government Committee voted 14–12 to report House Bill 16 64, a two‑year pilot grant program to help redevelop older buildings across the Commonwealth.
Committee staff summarized the bill’s mechanics: DCED would administer the Older Building Redevelopment Assistance grant program, making awards of no less than $50,000 and no more than $500,000 or an amount equal to 30% of the total project cost, whichever is less, subject to funding availability. Projects must be completed within two years of the grant date, with the department able to grant a single extension of up to six months; DCED may recapture all or part of a grant if a…
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