Façade Improvement Project November 7th, 2007 NALCAB Convening.
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Transcript of Façade Improvement Project November 7th, 2007 NALCAB Convening.
![Page 1: Façade Improvement Project November 7th, 2007 NALCAB Convening.](https://reader036.fdocuments.in/reader036/viewer/2022070400/56649f0d5503460f94c20dc9/html5/thumbnails/1.jpg)
Façade Improvement ProjectNovember 7th, 2007
NALCAB Convening
![Page 2: Façade Improvement Project November 7th, 2007 NALCAB Convening.](https://reader036.fdocuments.in/reader036/viewer/2022070400/56649f0d5503460f94c20dc9/html5/thumbnails/2.jpg)
Mission:
To Improve the wealth building capacity of Latinos and other underrepresented communities in the Washington area through:
• Education• Technical assistance • Community organizing • Storefront improvements• Microloans and other access to capital • Financial literacy training, including credit counseling and repair
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1. What does a FIP entail?
2. What is the Impact of a FIP?
3. How does a FIP fit in within a economic development strategy
4. Implementing a FIP
5. Best practices
Agenda
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Façade Improvement Programs
Provide technical and financial assistance to business and property Provide technical and financial assistance to business and property owners seeking to renovate commercial building façades.owners seeking to renovate commercial building façades.
LEDCFunder
Architect
Contractor
Regulatory Agencies
LEDC Business and Property Owners
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LEDC runs a Façade Improvement Program…
So what?
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LEDC ‘s Façade Program Numbers
• 3 business corridors in NW DC- 85% Latino owned businesses
• 43 Storefronts
• 25% properties owned by Latinos
• 32 Latino Businesses
• $1.3 million in CDBG funds spent in construction
• $ 260,0000 in property/ business owner contributions
• $30,000 average individual façade improvement cost
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Why run a Façade Improvement Program?
Before After
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• Provide opportunity to business owners to develop a vision for the future of their businesses and community
• Improve the physical appeal of commercial corridors
• Act as a catalyst for sustainable change in the community
• Increase the stake of business owners in the welfare of the neighborhood
• Assist businesses in adapting to change in developing areas
• Open doors for other services to be provided to clients
• Bring business community together
FIPs Impact
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Why run a Façade Improvement Program?
![Page 10: Façade Improvement Project November 7th, 2007 NALCAB Convening.](https://reader036.fdocuments.in/reader036/viewer/2022070400/56649f0d5503460f94c20dc9/html5/thumbnails/10.jpg)
Why run a Façade Improvement Program?
![Page 11: Façade Improvement Project November 7th, 2007 NALCAB Convening.](https://reader036.fdocuments.in/reader036/viewer/2022070400/56649f0d5503460f94c20dc9/html5/thumbnails/11.jpg)
Before After
Why run a Façade Improvement Program?
![Page 12: Façade Improvement Project November 7th, 2007 NALCAB Convening.](https://reader036.fdocuments.in/reader036/viewer/2022070400/56649f0d5503460f94c20dc9/html5/thumbnails/12.jpg)
FIP within overall economic development strategyFIP within overall economic development strategy
FIP is only one component of a revitalization strategy
Maximizing the impact of FIP
• Target area of a FIP should be an area where there is commitment to revitalization from different sources
• Technical Assistance should be available to business owners participating in the program
• Access to financing for additional improvements or capital for business growth should be available to program participants
• Encourage formation or development of a business association
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Why run a FIP? And Where?
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Keys to Success
• Timeline (outreach-construction) should be no more than 16 months
• Engage business AND property owners
•Select participants carefully
• Budget for design
• Budget for pre-construction expenses
• Select participants carefully
• Build a team of architects, contractors and vendors. Treat them well and pay them on time
• Build relationships with participants and take advantage of the relationships to provide assistance beyond the business façade
Implementation Best Practices