Redevelopment Incentive Programs
The Palatka Community Redevelopment Agency (CRA) offers various redevelopment incentive programs aimed at the encouragement of private enterprise and preserving and enhancing the tax base for the Community Redevelopment Areas.
If you are seeking assistance, we encourage you to contact us so we can assist you. Staff welcomes the opportunity to discuss your project and its applicability to our current incentive programs and/or other federal and state programs.
Residential Rehabilitation Grant
The Residential Rehabilitation Grant Program is intended to encourage the rehabilitation/repair of vacant residential properties for single-family owner occupied homes. Grants may be awarded up to fifty thousand dollars ($50,000) per property. The owner will have up to one (1) year from the date of execution of the grant agreement to complete the work. The grant program is only applicable to a new work and is not retroactive. Previous work on the property may not be considered as match or for grant funding. A house must be unoccupied at the time of application. If a property owner wishes to restore/rehabilitate their unoccupied property, which is not their primary residence, with the intent to sell, program funding will be applied as a loan which will be returned in full to the South Tax Increment District Fund at closing.
Target Area: South District
The Recruitment Grant is a matching grant program designed to facilitate the relocation or creation of new business. Eligibility is only for occupation of storefronts that have been vacant or for the expansion of existing businesses into adjacent unoccupied or underutilized space. The applicant must commit to maintaining two (2) full time job equivalents. Grants are limited to $50,000 and applicants are required to match the grant funds 1:1.
Target Area: Central District
Home Improvement Grant
The Home Improvement Grant (HIP) is grant for exterior restorations of a property owner's primary residence. The program removes visual blight through minor repairs and painting.
Target Area: Central Business, North, and South Districts
Transformational Redevelopment Incentive Program
The Transformational Redevelopment Incentive Program (TRIP) is intended to encourage redevelopment projects that are transformational or catalytic in nature by reimbursing a portion of the additional tax increment derived from the completed project and/or by granting or loaning funds equal to the estimated
additional increment to be derived from the completed project.
Target Area: North, South and Central Districts
All incentives are contingent upon the availability of funds and CRA/City Commission approval.