Real Property Investment Program

The Real Property Investment Program, offered by the Portsmouth Economic Development Authority, is a matching reimbursement grant program designed to support new or relocating businesses, expanding businesses, and commercial property owners in the City of Portsmouth. Its core mission is to visually enhance the local streetscape and stimulate economic interest through the rehabilitation and redevelopment of interior and exterior spaces. This initiative aligns with the foundation's strategic priority of fostering local economic growth and community revitalization, operating under a theory of change that improved commercial aesthetics directly lead to increased business activity and urban appeal. The program targets commercial, industrial, office, or mixed-usage properties within Portsmouth city limits. Beneficiaries include property owners who improve vacant spaces to create "vanilla shells" or complete tenant improvements for new tenants, as well as new or existing business owners who are leaseholders responsible for improvements. The program specifically excludes entities of local, state, or federal government, religious organizations, and properties used strictly for residential purposes. The impact goal is to create a more vibrant and attractive commercial environment, thereby increasing business investment and community engagement in the city. The program prioritizes permanent improvements that can include a combination of interior, exterior, signage, and security modifications. Eligible interior improvements span ADA accessibility, fire suppression, flooring, HVAC, electrical/lighting, plumbing, walls, permanent fixtures, architectural detailing repair, security upgrades (up to $2,500), and structural enhancements. Exterior priorities include ADA accessibility, decorative fencing, lighting, painting, code violation corrections, landscaping (up to $2,500), masonry repairs, hardscape improvements, railings, exterior finish removal/replacement, architectural detail restoration, roofing, screening of service areas, security improvements (up to $2,500), signage (up to $2,500), utility upgrades, and window/cornice repair. The expected outcomes of the Real Property Investment Program are tangible improvements to commercial properties, leading to an enhanced streetscape and increased business interest within Portsmouth. Measurable results include the number of properties rehabilitated, the total investment leveraged through the 1:1 financial match requirement, and the utilization of the maximum grant amount of $25,000 per property address for eligible improvements over the life of the program. The program also allows for re-applications for the same property if the maximum grant is not exceeded, ensuring sustained investment. Additionally, the program ensures compliance through requirements for proof of funds, City of Portsmouth approvals and permits, and project cost outlines with timelines or contractor quotes.