January 8th, 2018 by WCBC Radio
The City of Cumberland’s Department of Community Development will hold a meeting on Monday, January 22, 2018 at 10:00 a.m. in the Community Development Conference Room in the lower level 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 that day. Applications can be accessed on 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.
This program is funded through the State of Maryland’s Community Legacy program. Eligible projects must be located within Cumberland’s zoned Central Business District. There is a total of $50,000 which is 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 $50,000. 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 as well as to commit a maximum amount of owner leverage. Property owners interested in applying for this funding are highly encouraged to attend the January 22nd informational meeting.
Community Legacy, a part of the Sustainable Communities Program, is an on-going program that provided nearly $6 million in funding for projects throughout the state of Maryland in 2016-2017 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 $4,401,400 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 Thursday, March 1, 2018.
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