March 28, 2016
For Immediate Release
The City of Cumberland will hold a meeting on Monday, April 11, 2016 at 5:00 p.m. in the City Hall Conference Room in the second floor of City Hall in order to answer questions regarding the Upper Story Redevelopment forgivable loan program and application. The application will be made available to the public beginning on Monday, March 28, 2016. Applications can be accessed on the Cumberland Economic Development’s website at www.choosecumberland.org, the City of Cumberland’s website at www.ci.cumberland.md.us or in person in the Department of Community Development in the lower level of City Hall during regular business hours.
Offered again after its re-emergence in 2014, the Upper Story Redevelopment program is funded through the State of Maryland’s Community Legacy program. Eligible projects must be located within Cumberland’s Central Business District. There is a total of $100,000 available as five-year forgivable loans at 0% interest. Funds will be awarded through a competitive process. The maximum funding for any one property is $100,000. It is possible that not everyone who applies will be awarded funds. Property owners will need to demonstrate that the funding request helps to close a gap in funding that will help to make the project a reality. Property owners interested in applying for this funding are highly encouraged to attend the April 11th informational meeting.
Community Legacy, a part of the Sustainable Communities Program, is an on-going program that will provide nearly $6 million in funding for projects throughout the state of Maryland in 2015-2016 for financial assistance to help existing communities implement comprehensive revitalization plans by providing funding to communities to target projects that will assist with reversing disinvestment trends, reducing sprawl, and enhancing community life for businesses and residents. Since 2001, the City of Cumberland has been awarded approximately $4,276,400 in funds from the Community Legacy Program.
Applications for the Upper Story Redevelopment Program must be submitted to the City of Cumberland’s Department of Community Development no later than noon on Monday, June 2, 2016. Interested applicants are highly encouraged to attend the April 11th informational meeting.
Contact:
Kathy McKenney, Department of Community Development, City of Cumberland, Or Matt Miller, Economic Development Specialist, CEDC. 57 North Liberty Street, Cumberland, MD 21502, 301-759-6431, 301-759-6432 (fax), kathy.mckenney@cumberlandmd.gov or matt.miller@choosecumberland.org