Incentives
With recent reinvestment in Downtown Jackson, the demand for new residential and mixed-use development opportunities continues to rise. In 2023, Downtown saw 23 new businesses and over $12 million invested in public and private improvements. Be a part of Downtown’s growth, and let JDDC help connect you to development tools and resources.
Downtown Jackson Revenue Finance Corporation (PILOT)
The DJRFC PILOT (Payment-in-lieu-of-tax) is a financial incentive used to encourage significant renovation of underutilized or vacant commercial and residential properties in the Downtown District. DJRFC PILOTs hold property taxes at a pre-development level for a set amount of time as determined by a grading system administered by the Downtown Jackson Revenue Finance Corporation. Contact JDDC (link website form) for more information.
Community Redevelopment Agency (TIF Districts 1 & 2)
Tax Increment Financing (TIF) is a program through which tax revenue increases within a designated area may be reallocated for infrastructure improvements within that area. Eligible projects may be presented to the Community Redevelopment Agency (CRA) for funding consideration.
Federal Historic Tax Credit Program
The program provides a 20% historic tax credit for certified historic structures. In order to become certified, projects must be reviewed by the State Historic Preservation Office and the Technical Preservation Services division of the National Park Service (NPS). Applicants should contact the Tennessee Historical Commission (THC) before starting a project. Email Justin Heskew to determine if your property qualifies.
TN Historical Commission Preservation Grants
(Close February 1, 2024)
Federal Historic Preservation Fund (HPF) grants are matching grants and will reimburse up to 60% of the costs of approved costs for projects with a public benefit. The remaining 40% must be provided by the grantee as matching funds. Grant applications for the next round will be open December 1, 2023 - February 1, 2024.
The selection process will emphasize projects that provide the most public benefit such as architectural and archaeological surveys, design guidelines for historic districts, and restoration of historic buildings that are listed in the National Register and have a public use. For financial incentives for commercial properties, see here for information about the Federal Historic Tax Credit.
Future Downtown Improvement Grants
If you did not fall within the FY24 Downtown Improvement Grant boundaries of Church and Main Street, we want to hear your needs for future improvement grant applications with TNECD. Let us know your building or block improvement needs as we consider next fiscal year’s grant request. This form will close June 1, 2024. Future Improvement Grant Form