Program

 Building Improvement Fund                         

Minimum/Maximum Amounts

Minimum $1,000
Maximum $25,000

Eligible Activities

Repair or replace exterior building systems in order to preserve, protect, stabilize a commercial or mixed-use building. Not available for residential only properties.

Term & Amortization

Amount approved to be based on project estimates(2 minimum), of which 50% will be financed through the loan program.  A 50% match is required of the applicant.

Up to 15 year term based on ability to pay.
Fully amortized.
No payments during construction period, not to exceed 6 months.
Payments begin on the 1st of the month following 30 days after the final draw.  Advances are made on reimbursement basis for approved expenses.  Funds will be advanced in draws, but can not be advanced prior to phased work being completed.

Rate

0%

Fees

$250 application fee
1% loan fee
Actual recording and filing costs.

Special Notes

Program limited to targeted areas of the city.  Presently these areas are the South Bethlehem Redevelopment Area, North Side Central Business District, Northside Neighborhood Business Districts.  Please verify eligibility by calling the City of Bethlehem Office of Economic Development.

Construction plans for properties that are located within one of the City's Historic Districts require a Certificate of Appropriateness, as advised by the appropriate local district commission, prior to loan approval and construction. Construction plans must comply with the Secretary of Interior's Standards for Building Rehabilitation.

Labor costs are subject to Davis Bacon Prevailing Wage regulations.

Loans will be collateralized whenever possible.

All loans are paid by electronic funds transfer on teh 1st of each month.
 

Job Creation/Retention Requirements

None

Where to Apply

City of Bethlehem
Office of Economic Development
10 E. Church Street
Bethlehem, PA    18018

Contact Person

Howard Lieberman
Economic Development Coordinator
Phone:  610-865-7318
Fax:       610-865-7310
Email:    leibehow@bethlehem-pa.gov

Web link

www.Bethlehem-pa.gov/econ_dev

Application Download Available