Real Property Investment Program

The Real Property Investment Grant, administered by Portsmouth Economic Development Authority (EDA), supports the revitalization of commercial, industrial, office, and mixed-use properties within the City of Portsmouth, Virginia. This initiative is intended to stimulate economic activity, improve the local streetscape, and encourage the occupancy of vacant spaces through permanent interior and exterior property improvements. The grant provides financial support to property owners and business owners undertaking eligible construction or rehabilitation projects, with the overarching goal of enhancing the city’s visual appeal and promoting business development. This grant program operates as a reimbursement-based, matching fund initiative, where the applicant must initially fund the entire cost of the project. Upon successful completion and verification, 50 percent of the eligible expenses—up to a maximum of $25,000—will be reimbursed. Improvements eligible for reimbursement include a broad range of permanent upgrades such as ADA accessibility modifications, HVAC systems, security enhancements, signage, and interior and exterior repairs or renovations. Projects must not begin before the issuance of a Grant Agreement, and cash payments are ineligible for reimbursement. Eligible applicants include property owners and business owners operating within the Portsmouth city limits. Property owners who are not the business occupants may apply to improve vacant properties, either by creating a vanilla shell for marketing or by constructing tenant improvements for a confirmed future leaseholder. Business owners leasing a space may apply if their lease includes responsibility for improvements and if they submit a signed Property Owner Consent Form. Governmental entities, religious organizations, and properties used exclusively for residential purposes are excluded from participation. The application process involves a mandatory pre-application meeting with Portsmouth Economic Development staff. Following this meeting, applicants must obtain relevant city permits and approvals and submit a comprehensive application, including documentation such as two contractor quotes, proof of funds, a project cost outline with timeline, and any necessary business or property records. Applications requesting $10,000 or less may be approved administratively, while those seeking more require approval by the Portsmouth EDA Board of Commissioners. Final decisions are based on need, alignment with program goals, available funds, and other discretionary criteria. The grant is offered quarterly, with four submission windows during the fiscal year: July 1–31, 2025; October 1–31, 2025; January 1–31, 2026; and April 1–30, 2026. Each approved applicant must complete the project within 120 days from the Grant Agreement date, with possible extensions of up to 90 days upon written request. Disbursement of funds will only occur after project completion, submission of required financial documentation, and on-site verification by Portsmouth EDA staff. For inquiries or assistance, applicants can contact the Portsmouth Economic Development office at (757) 393-8804, located at 200 High St #200, Portsmouth, VA 23704. Business hours are Monday through Friday, from 8:00 a.m. to 5:00 p.m.

Schedule pre-application meeting with staff; submit complete documentation before deadlines; ensure no code violations unless grant used to correct them.