ACDA and UAA launch the Great Streets Facade Loan Program for business and property owners in Muldoon and Downtown Anchorage
The Anchorage Community Development Authority (ACDA), along with the University of Alaska Anchorage’s Alaska Small Business Development Center has launched the Great Streets Facade Improvement Loan Program to help revitalize business districts in Muldoon and Downtown by providing low-interest loans to improve the appearance of building facades and stimulate private investment.
“Our objective is really to inspire enhancement and restoration of the physical condition and appearance of storefronts and properties in the city,” said Mike Robbins, Executive Director of the Anchorage Community Development Authority.
A business owner can borrow up to $25,000 per unit at 5% interest and has up to 60 months (or five years) of low monthly payments. Business and building owners can combine funding to perform intended facade improvements. Program participants will receive 75% of their loan upfront, and the remaining 25% of the loan amount when the project is complete.
“The Façade Program is part of Mayor Bronson’s urban and community enhancement agenda,” said Melinda Gant, ACDA’s External Affairs Director. “Eligible improvements within the loan include exterior painting, re-siding, professional cleaning, and restoration of exterior finishes and materials. Repair or replacement of windows and doors and installation and even repair of exterior signage and lighting are part of the loan package.”
Applicants submit their applications online www.acda.net/facade-program. Once the Facade Program manager gives pre-approval, program participants complete a trade reference check form and credit application.
“ACDA and UAA’s Small Business Development Center are very pleased to offer this loan program to business and property owners in Muldoon and downtown Anchorage,” notes Robbins. “From urban design and enhancement to disability-accessible upgrades, our communities and neighborhoods will become safer and more attractive for residents, consumers, tourists, and property owners, which ultimately is of great benefit for the entire Municipality.”