 Hotel Providence, Matthewson Street
 Pell Chafee Center, Empire Street
 Peerless Building, Westwinster Street
 The Gallery at 17 Peck, Peck Street
 AS220, Empire Street
 Wilkinson Building, Westminster Street (before on left side, during on right side)
 Wilkinson Building, Westminster Street (completed)
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THE DOWNCITY FUND
The Downcity Fund was established in 2004 with the commitment of a $7.2 million program related investment from the Rhode Island Foundation. Under this agreement, the PPS Revolving Fund received the assets of the Downcity Partnership, Inc., which had been initiated by the Rhode Island Foundation in 2001.
THE DOWNCITY LOAN AND GRANT PROGRAM
The Downcity Fund provides capital for loans to qualified borrowers for substantial renovations and for façade improvements in Downcity. Loan policies and guidelines are established by the Downcity Advisory Board, representing the PPS Revolving Fund and the Providence Foundation. The PPS Revolving Fund Board reviews, negotiates the terms of, and has final approval of all loans and grants.
The Downcity Fund offers Construction Loans, Storefront Improvement Loans and Storefront Improvement Grants. The loan and grant programs are available for properties in Downtown Providence, within the area defined by Memorial Blvd, Friendship Street, Green Street, and Sabin Street.
Limited free design assistance will be offered, if needed. All work must comply with Downcity Review Committee (DRC) standards and guidelines. Permit and design review fees can be reimbursed through the program. Loan funds can be used by the applicant to meet the matching fund requirement of the grant program.
Loans and grants are for capital improvements only.
Applicants can apply for one loan and grant per building.
Retroactive loans will not be considered.
CONSTRUCTION LOANS
The Downcity Fund provides gap financing for the comprehensive rehabilitation of buildings or new construction in Downcity. Developers must demonstrate the need for this financing and demonstrate the ability to repay the loan.
Maximum Loan Amount: $1 million per development project.
STOREFRONT IMPROVEMENT LOANS AND GRANTS
The Downcity Fund provides loans and matching grants for storefront improvements to be undertaken by the building owner or tenants. Grants can be used for rehabilitation of building elevations visible to the street, including storefronts; cornices; gutters and downspouts; signs and graphics; exterior lighting; canopies and awnings; painting and masonry cleaning; and limited security and accessibility improvements.
Maximum Loan Amount: $25,000 per storefront.
Loan may be used as the required match for the Storefront Improvement Grant.
Maximum Grant Amount: $5,000 per storefront.
Grants must be matched 100% by the applicant.
DOWNCITY LOAN AND GRANT APPLICATIONS
For more information about terms and conditions of loans and grants or to be considered for a loan or grant, an applicant must schedule a site visit by contacting:
Lisa Milano
Downcity Program Manager
401-272-2760
milano@ppsrf.org
PPS Revolving Fund
24 Meeting Street, Providence, RI 02903
To access the applications and guidelines, please click here:
STOREFRONT LOAN AND GRANT GUIDELINES
CONSTRUCTION LOAN APPLICATION
STOREFRONT LOAN AND GRANT APPLICATION
DESIGN ASSISTANCE APPLICATION
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