Availability of Funds: The Program provides 50 percent matching funds for approved project hard and soft costs in certain Urban Renewal Areas. Total grant may not exceed $50,000, with the exception of the Interstate Corridor Urban Renewal Area, which offers up to $75,000 with a 75/25 match.
Funds are subject to budget availability*. The Program may be targeted to specific geographic areas or priority populations as needed to meet the Prosper Portland 2015-2020 Strategic Plan and community action plans. Some program incentives may not be available in all areas or for all eligible applicants.
A grant recipient or property may only receive one PIP grant within a 10-year period. This allows us to provide opportunities that benefit the widest range of eligible recipients.
Eligible Work: The grant may be used for both physical improvement (hard costs) and eligible consulting assistance (soft costs) to support for-profit related business and property related improvements associated with commercial, industrial, mixed-use, and market rate housing projects.
Hard Costs – Signage, lighting, storefront, or mechanical systems, tenant improvements, roofs, sidewalks, parking lots, landscaping, or other permanent fixtures.
Soft Costs – Project development services such as architectural, engineering, legal, environmental, market or financial. Grant funds for soft costs may not exceed $25,000. Prosper Portland, at its sole discretion, may require use of a professional consultant for certain projects where such advice is likely to improve the project or business competitiveness.
Ineligible Work: The following uses are not eligible to receive Grant funding given funding restrictions and Grant purpose:
- Non-permanent fixtures, personal property and equipment, government uses within publicly owned buildings
- National franchises
- Locally owned franchises with more than three locations
- Non-profit organizations
- Businesses that exclude minors during all business hours
- Work completed prior to a grant agreement being executed.
In limited cases grants may be sanctioned for one of these uses with Director approval.