Mayor Bowser and the Office of the Deputy Mayor for Planning and Economic Development, in partnership with the Council of the District of Columbia, are strategically investing up to $4 million in the Commercial Property Acquisition Fund. The Commercial Property Acquisition Fund is devised to provide down payment assistance through grants of up to $750,000 or 25% of the sale price, whichever is less, to eligible businesses looking to maintain and expand their operations to a physical presence by acquiring commercial property located in the District.
The Commercial Property Acquisition Fund offers grants aimed at providing much-needed support for equity impact enterprise business or business eligible to be a certified equity impact enterprise who seek to purchase and locate within commercial property within the District of Columbia. An equity impact enterprise is a resident-owned, small business that it is at least 51% owned by an individual who is, or a majority number of individuals who are economically-disadvantaged or have been subjected to racial or ethnic prejudice or cultural bias.
For the Commercial Property Acquisition Fund, the term “property” is defined as existing properties located in the District of Columbia that will be used for commercial use only, including commercial condos. This excludes plots of land that can be developed into commercial property and mixed-use properties.
The Commercial Property Acquisition Fund opened on Friday, November 19, 2021 on a rolling basis until funds are expended.
For more details view the documents below:
Applications opened November 19, 2021. Completed applications will be considered as funds are available.
For all inquiries related to the Commercial Property Acquisition Fund, contact: [email protected]