Commercial Rehabilitation Incentive Program

The Commercial Rehabilitation Incentive Program offers a grant component with a low-interest loan that combine to assist property owners and long-term tenants with rehabilitation expenses for interior and exterior renovation located in the Old Town Lompoc Redevelopment Project Area. Loans accrue interest at a rate of 3 percent upon completion of the rehabilitation work. Interest-only payments commence upon project completion and are due monthly during the first five years, converting to a fully amortized loan over the last five years. Total term of the loan is 10 years at 3 percent interest.

The Commercial Rehabilitation Incentive Program allows reimbursement of 50 percent of actual cost or a maximum of $1,000, whichever is less, for the removal and replacement of any nonconforming signage. Projects that include the replacement of three or more signs will be granted a maximum allowance of 50 percent actual cost up to a maximum allowance of $350 per sign (for attached units, shopping centers and plazas).

The program also allows reimbursement of 50 percent of actual cost or a maximum of $1,000, whichever is less, for city fees and architectural design charges associated with the rehabilitation project. City fees include planning, building and utility fees.