Building Renovation Assistance Program
Building Renovation Assistance Program Continues In Downtown New Castle
New Castle Main Street is continuing the facilitation of a grant opportunity for building owners in New Castle’s Downtown Historic Preservation Area. This New Castle Redevelopment Commission program, called the Build
ing Renovation Assistance Program (BRAP), is designed to help fund improvements to properties in downtown New Castle. These grants will be matched with private investments to assist owners in restoring the appearance of their buildings, creating jobs, and building business diversity within New Castle. For more information on guidelines click here.
“We’re excited to continue facilitating this program, with the direction of a committee,” shared Carrie Barrett, Executive Director of New Castle Main Street. “It further enhances the mission of New Castle Main Street. The 2022 program exceeded our expectations, we were able to grant $460,000 bringing in over $800,000 in private investments and help downtown business owners improve their properties.”
The BRAP Committee will host an informational meeting, along with members of the Preservation Commission. The forum will begin at 6:00 pm on Wednesday, April 12, 2023, at the City Council Chambers, 227 N. Main Street, New Castle, IN 47362. There will be a brief overview and time for questions and answers.
Applications will open on March 17, 2023 to any individual, partnership, firm, association, nonprofit organization, joint venture, limited liability company, or corporation. No more than 40% of a building renovation project should be supplied from BRAP funds, with a maximum award of $50,000. The BRAP is intended to be the final funding. These funds will be supplied to help a building owner complete a project that would have otherwise been impossible due to underfunding. of a project. Applications are due to the BRAP Committee no later than June 16, 2023. Projects must be completed within 18 months after approval.
Criteria for project awards include: historic preservation, job creation/retention, downtown living and business diversity. The contribution will be structured as a forgivable loan with all appropriate legal documentation and filing of liens.