Façade Improvement ProjectNovember 7th, 2007

NALCAB Convening

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

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

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

LEDC runs a Façade Improvement Program…

So what?

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

Why run a Façade Improvement Program?

Before After

• 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

Why run a Façade Improvement Program?

Why run a Façade Improvement Program?

Before After

Why run a Façade Improvement Program?

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

Why run a FIP? And Where?

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