Façade Improvement Project November 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 owners seeking to renovate commercial building façades. LEDCFunder Architect Contractor Regulatory Agencies LEDCBusiness 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?

Before After Why run a Façade Improvement Program?

FIP 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