Downtown Development Toolbox
1. $1,000 Facade Grant :
The Main Street Greenwood Façade Grant Program will provide awards up to $1,000.00 per project for exterior improvements to buildings within Downtown Greenwood’s Main Street District. The improvements include: store signage, lighting, awnings, windows, building fronts, entries, planters, and other expenditures as defined by Main Street Greenwood’s board of directors. The Main Street Greenwood Façade Grant Program is a reimbursement program. All awards shall be retained pending completion and inspection of the project. Facade Grant Application.2. Carrollton/Johnson Facade Grant:
The Incentive Grant Program provides financial assistance for exterior appearance improvement projects on buildings located in the Carrollton/Johnson Revitalization District. The standard for design is based on the Secretary of the Interior’s Standards for Rehabilitation of Historic Buildings. The intent of the grant program is to encourage appropriate revitalization to as many private properties in the District as possible. Projects for structures located on Johnson Street or Carrollton Avenue between Fulton Street and the AmTrak Station are eligible to apply for grant funding. Facade Grant Application.3. Local Historic Tax Abatement:
Section 17-21-5 of Mississippi Code grants “municipalities the authority to exempt from any or all ad valorem taxes excluding ad valorem taxes for school district purposes, for a period of not more than 7 years, any privately owned new structures and any renovations of an improvements to existing structures lying within designated central business district or historic preservation district." Greenwood offers a historic tax abatement for rehab projects that incur at least 45% of appraised building value for a period of 3-6 years. Greenwood Tax Abatement Guidelines.
4. Entertainment District Tax Depreciation:
Qualifying, new development venues within the Main Street District are eligible for an accelerated depreciation or tax rebate through the MS Secretary of State's office. Entertainment District Guidelines.
5. State Historic Tax Credit:
State tax credits in Mississippi provides a state income tax credit equal to 25% of the qualified expenses of rehabilitating historic structures used for residential or business purposes. Properties do not need to be income-producing to qualify; therefore, owner-occupied residences are eligible. Properties qualifying for the 20% federal tax credit will also qualify for the state tax credit. Both tax credits can reduce the cost of a certified rehabilitation of an income producing structure by 45%. The Mississippi Department of Archives & History (MDAH) is responsible for administering the state tax credits. The state tax credit can be carried forward 10 succeeding tax years. State Tax Credit Fact Sheet.
6. Federal Historic Tax Credit:
For each dollar of tax credit earned, the amount of income tax owed will be reduced by one dollar. The National Park Service (NPS) is responsible for administering the tax credit. The 20% tax credit equals 20% of the amount spent in a certified rehabilitation of a certified historic structure (listed individually on National Register of Historic places or located in National Register listed district and certified as contributing to the historic significance of the district). For example, if an owner spent $100,000 in restoring a building, he/she would receive at $20,000 tax credit. Unused credits can be “carried back” one year and “carried forward” up to 20 years. Long term lessees may also apply for the credit if their lease is 27.5 for residential property or 39 years for non-residential property. Federal Tax Credit Fact Sheet.