New seed money program targets vacant buildings for renovation into retailers, offices

Columbia launched a $200,000 program Wednesday that will allow eligible property owners or tenants to get up to $20,000 to improve vacant or abandoned buildings in blighted areas of the city.

Awards of $1,000 to $20,000 are intended to help people who have lined up private financing but need a little more money to close the deal, said Felicia Maloney, director of the Columbia Empowerment Zone, which announced the program.

Applicants must make their cases in person to a committee of the empowerment zone . The empowerment zone’s board makes the final decision, Maloney said. Decisions will be made within 60 days of a formal application, she said.

Awards are seed money that is reimbursed later. “They have to spend the money first,” Maloney said. “They can’t just come in and say, ‘I want to buy a building.’ ”

The incentive program is the first of its kind in the capital city and differs from another city program that helps with facade improvements only, Maloney said. Both are designed to attract new or upgraded retail space or offices.

The empowerment zone, which seeks to attract investment to moderate- to lower-income neighborhoods, is putting up the $200,000 from lease income of buildings it owns in North Columbia, Harden Street and Lady Street, she said.

Applications are available at www.columbiasc.net/cez. But they must be mailed or delivered in person to CEZ’s office. To learn more call (803) 733-8438.

This story was originally published May 4, 2016 at 1:17 PM with the headline "New seed money program targets vacant buildings for renovation into retailers, offices."