State Incentives

Real Property Investment Grant - Zones #1 and #2
 
  • Cash grants equal up to 20% of the amount of qualified investment in excess of the threshold.
  • The qualifying investment threshold for new construction equals $500,000; the rehabilitation expansion threshold is $100,000.
  • The maximum benefit per building or facility within any five-year period is $100,000 for projects less than $5 million and $200,000 for projects of $5 million or more.
  • Mixed-use projects must have at least 30% of floor are in commercial, industrial, or office use in order to qualify.
  • Grants are payable to t he owner and/or tenant incurring the costs.
  • The application deadline is April 1st of the year following completion of the work.
For more information visit http://www.dhcd.virginia.gov

 

Job Creation Grant - Zone #1 and #2
 
  • Cash grants equal to $800 per year for five years for new positions earning $200% of the federal minimum wage and offering health benefits; $500 for those earning 175-199% of the federal minimum wage and offering health benefits.*
  • The first four positions created are not eligible for grants.  Grants are paid o a maximum of 350 positions per year.
  • Retail, food and beverage, personal service firms, and non-profits are not eligible.
  • Firms may qualify for additional five-year periods with further job creation.
  • The application deadline is April 1st.
* The Federal minimum wage is $7.25/hour.  To be eligible net new positions must be paid $14.50/hour for the $800 grant and $12.69/hour for the $500 grant.  

For more information visit http://dhcd.virghinia.gov