The Property Owner Rental Relief Fund has been created to support Detroit property owners with commercial tenants who have been impacted by the economic crisis caused from COVID-19. Grants will be made to eligible property owners who are providing unconditional rent relief to their retail, commercial, or office tenant(s). The grant will be sized to support 2 months of commercial tenant relief up to $10,000 total.
If awarded, the property owner will be required to submit documentation of rent relief provided to the tenants. This rent relief must be a full or partial waiver of rent, not a deferral to be paid at a later date. Funds are to be used to offset rent payments that would have been received from the commercial or retail tenant.
Eligibility requirements include:
- Ownership of a mixed-use, retail, commercial, and/or office building up to 35,000 square feet located within the targeted geography (the blue and yellow areas in this map).
- Cannot have a business in the building that profits from the sale of firearms, cannabis-related products, payday lending, or adult entertainment.
- The property must be 85% or more occupied as of February 28, 2020.
- Must have legal immigration status or be a U.S. citizen.
- I cannot have filed for bankruptcy in the last 24 months.
- Must be 18 years of age or older.
- Cannot have received more than the allowable number of Property Owner Rental Relief Fund awards (maximum of 2 properties per owner).
- This grant is specifically for property owners with commercial tenants. Owner-occupied properties and small businesses that rent are not eligible.
The Property Owner Rental Relief Fund is sponsored in part by a
grant from the
New Economy Initiative (NEI).