How communities can use funds from the American Rescue Plan Act for Vacant or Abandoned Properties
How communities can use funds from the American Rescue Plan Act for Vacant or Abandoned Properties
The American Rescue Plan Act provides $350 billion in emergency funding for state, local, territorial, and tribal governments to respond to the Covid-19 public health emergency. This act also established the Coronavirus State and Local Fiscal Recovery Funds (SLFRF) to help local governments respond to the economic effects of the virus and build a stronger, more equitable economy during recovery. The SLFRF monies are available to state, local and tribal governments to replace the revenue lost due to the crisis.
Abandoned or vacant properties dramatically impact neighborhoods’ economic and public health. Research indicates that these properties pose an environmental hazard and can be a barrier to economic recovery.
As an authorized use of funds, intended to build stronger, safer communities; the SLFRF dollars can be utilized by communities to impact their vacant or abandoned properties. Commercial Asset Preservation recognizes that such use of funding by local or state governments may have an impact on vacant properties owned by its clients.
The ruling on this funding is effective on April 1, 2022. Read the entire ruling, specifically see page 133 of this PDF. The services allowed by this act include:
- Rehabilitation, renovation, maintenance, or costs to secure vacant or abandoned properties to reduce their negative impact
- Costs associated with acquiring and securing legal title of vacant or abandoned properties and other costs to position the property for current or future productive use
- Removal and remediation of environmental contaminants or hazards from vacant or abandoned properties, when conducted in compliance with applicable environmental laws or regulations
- Demolition or deconstruction of vacant or abandoned buildings (including residential, commercial, or industrial buildings) paired with greening or other lot improvement as part of a strategy for neighborhood revitalization
- Greening or cleanup of vacant lots, as well as other efforts to make vacant lots safer for the surrounding community
- Conversion of vacant or abandoned properties to affordable housing
- Inspection fees and other administrative costs incurred to ensure compliance with applicable environmental laws and regulations for demolition, greening, or other remediation activities
Commercial Asset Preservation offers Property Maintenance, Repairs, Preservation, and Inspection Services for Operating and Vacant Commercial Real Estate throughout the United States and Canada.
Interested in learning more about the maintenance and oversight of vacant properties?
Contact Marc Insul, (801) 461-8242 or insulm@commercialpreservation.com
For more information visit www.commercialpreservation.com