Low Interest Loan Program

The intent of the Mainstreet/DDA (DDA) Low Interest Loan (LIL) program is to strengthen the economic viability of Downtown Holland by providing financial incentives for improving exterior and interior building conditions.

Since 1989 Downtown Holland has enjoyed the advantages of a three part design incentive program managed and administered by MainStreet/DDA. These are the Low Interest Loan Program, the Design Assistance Program, and the Commercial Rehabilitation Rebate Program. In July 1998 (FY99) Downtown’s CRR Program (using federal CDBG funds) ceased due to depletion of federal funds, and completion of many property rehabilitations, which have lowered slum and blight percentages. In fact, in nearly 10 years’ time, 24 CRR programs have been complete with over $225,000 of CDBG monies invested in properties’ improvements; in that same time 43 Design Assistance projects have been requested, using over $9,000 of incentive funds; the LIL Program has served 21 applicants, providing over $2 million for projects.

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