Annual Local Facade Grant
As we enter our 24th year as a Nationally Accredited Main Street Community, we would like to continue one of our most successful programs. We are delighted to once again announce that the Main Street Board of Directors has allocated $4,000.00 for a Local Facade Grant Program for business owners within the Main Street District. Please click the button below to open the 2022 Local Facade Grant Application. Please note that these funds will not be able to be reimbursed until the 2022 calendar year.
DUE TO MC MAIN STREET BY AUGUST 27, 2021
Historic Revitalization Subgrant Program (HRSP)
Amount of Grant: $55,000 Required Cash Match: $5,000
Commercial properties located within designated Louisiana Main Street districts in communities with less than 50,000 population
Property must be one of the following:
Individually listed on the National Register of Historic Places
A contributing element in a National Register Historic District
Eligible for the National Register of Historic Place
To return currently vacant or under-utilized historic buildings into productive use.
What is Funded:
Exterior or interior rehabilitation work in compliance with The Secretary of the Interior’s Standards for Rehabilitation.
What is Not Funded:
Properties housing home-based businesses
Coatings that permanently bond
Work utilizing synthetic stucco materials
Replacement of restorable historic materials
Addition of non-historic balconies
Furniture, fixtures, equipment
Electronic security systems
Exterior security measures that detract from historic character
How to Apply:
Click the button below to download the application.
If you need the application emailed to you directorly or printed, please contact Beth at email@example.com or 985-380-4639.
Applications will be submitted to the Morgan City Main Street office by
4:00 PM on March 18, 2020
Applications must be postmarked to Louisiana Main Street by March 31, 2020.
All properties receiving funding will be required to enter into a 10-year preservation easement agreement with the Louisiana Trust for Historic Preservation.
This project is supported through a grant from the Historic Revitalization Subgrant Program administered by the National Park Service, Department of the Interior.
Louisiana Restoration Incentive Grant (RIG)
Our State Program offers a competitive Restoration Grant of two different levels each year. The Restoration Grant program allows business owners from each Main Street district throughout the State to turn in applications in the hope of being awarded a grant ranging from $2,500 - $10,000. These grants are more extensive than our local grants and allow business owners to do exterior improvements, restoration or rehabilitation, interior restorations and improvements or the relocation of a historic building TO or WITHIN the Main Street District.
Morgan City Main Street has received $90,750.00+ in redevelopment grant funds from the Louisiana Main Street program, initiating $290,845.21 in local project costs plus associated jobs and economic stimulation.
Being centered Downtown, three districts overlap - The Historic District, The Cultural District and the Main Street District. Being a part of these districts allows our building owners to apply for Federal Historic Tax Credits and/or State Tax Credits each at 20% when restoring one of our historic properties. These credits can be stacked if the building being restored qualifies.
WHAT ARE OPPORTUNITY ZONES? Opportunity Zones are low income census tracts nominated by governors and certified by the U.S. Department of the Treasury into which investors can now put capital to work financing new projects and enterprises in exchange for certain federal capital gains tax advantages. The country now has over 8,700 Opportunity Zones in every state and territory.
WHAT ARE OPPORTUNITY FUNDS? Opportunity Funds are new private sector investment vehicles that invest at least 90 percent of their capital in qualifying assets in Opportunity Zones. U.S. investors currently hold trillions of dollars in unrealized capital gains in stocks and mutual funds alone— a significant untapped resource for economic development. Funds will enable a broad array of investors to pool their resources in Opportunity Zones, increasing the scale of investments going to undeserved areas.
WHAT ARE THE INCENTIVES THAT ENCOURAGE LONG-TERM INVESTMENT IN LOW INCOME COMMUNITIES? Opportunity Zones offer investors the following incentives for putting their capital to work in low-income communities:
A temporary tax deferral for capital gains reinvested in an Opportunity Fund. The deferred gain must be recognized on the earlier of the date on which the opportunity zone investment is sold or December 31, 2026.
A step-up in basis for capital gains reinvested in an Opportunity Fund. The basis of the original investment is increased by 10% if the investment in the qualified opportunity zone fund is held by the taxpayer for at least 5 years, and by an additional 5% if held for at least 7 years, excluding up to 15% of the original gain from taxation.
A permanent exclusion from taxable income of capital gains from the sale or exchange of an investment in a qualified opportunity zone fund, if the investment is held for at least 10 years. (Note: this exclusion applies to the gains accrued from an investment in an Opportunity Fund, not the original gains).