Neighborhood Prosperity Fund (DMPED)

The purpose of the Neighborhood Prosperity Fund is to incentivize community development, economic growth, and job creation by leveraging local funds to provide financing for projects that attract private investment to emerging communities. Grant funds support architectural and engineering costs, construction costs, tenant improvements, historical preservation building improvements to maintain compliance with applicable laws, development analysis, rent abatement, and/or tenant concessions for up to 3 years to stabilize market rent. The FY24 Neighborhood Prosperity Fund Grant identified the following program funding priorities and investment strategies to support our communities:. The administration's strategic vision is centered around three focus areas: • Successful businesses play a critical role in our economy by providing residents with jobs that allow them to thrive, contributing to a vibrant cultural landscape, and generating tax revenue, which supports a broad range of social services and other public priorities. • Opportunity-rich neighborhoods should be available to everyone in DC. The neighborhood where a person grows up plays a fundamental role in determining life outcomes. Physical components of the neighborhood, like green space, grocery stores, transit, and housing, together with amenities like healthcare and education, shape residents’ economic outcomes. • Thriving people are DC’s greatest strength. Because their choice to live in the District is essential to our economic sustainability, we will take significant steps to ensure that DC is the place where they want to live and can afford to do so. ► Through the Neighborhood Prosperity Fund Grant, DMPED is prioritizing, but not limited to, eliminating key amenity gaps across all neighborhoods.