Programs and Incentives
Business Assistance Programs
This business portal provides Edgewater businesses with a one-stop location for all of your needs. Visit: https://www.volusiabusinessresources.com/#
Pledge of Fill Material for ParkTowne Development
The Resolution permits the use of fill material from the Florida Inland Navigational District (F.I.N.D.) for the development of projects within the ParkTowne Industrial Center. Each eligible project could receive up to 750 cubic yards of fill material for each Full Time Equivalent (FTE) job created at the completion of the project. (Resolution 2010-R-07)
Designating Properties as the "Edgewater Redevelopment Area"(ERA)
This Ordinance allows for various incentives for the redevelopment and rehabilitation of abandoned or underused commercial and industrial areas. It is for the purpose of environmental remediation, rehabilitation and economic development. (Ordinance 2010-O-07)
City of Edgewater Tax Abatement Program
This Resolution allows the City Council to grant, pursuant to the State Constitution, property tax exemptions to new businesses and expansions of existing businesses that are expected to create a minimum of 10 new, full time jobs in the municipality according to F.S. 196.012. (Resolution 2015-R-21)
Edgewater Community Redevelopment Area (US1 Corridor North City Limits to Falcon Ave)
Using increment revenues collected in the designated district for the purpose to improve blighted and slum areas within the community, CRA was created (Resolution 2015-R-08). The CRA Area consists of 400 acres, 509 parcels (2.8% of total City). Vision includes: addition of attractive Downtown with Kennedy Park as focal point; safe, viable and sustainable commercial areas, affordable and attractive neighborhoods, safe transportation network, pedestrian connections, and public space; and environmentally sound storm water infrastructure. For more information visit www.edgewatercra.org
More Programs and Incentives from the State of Florida
Opportunity Zones
HUD says that homebuyers taking out an FHA 203(k) loan, which adds extra money for upgrades, can now get $15K more, or up to $50K rolled into a single mortgage.
WASHINGTON – U.S. Department of Housing and Urban Development (HUD) Secretary Ben Carson announced that the Federal Housing Administration (FHA) will offer a new incentive for borrowers rehabilitating homes in Opportunity Zones.
To make home purchases within Opportunity Zones more attractive, FHA is expanding its Limited 203(k) Rehabilitation Mortgage Insurance Program for Opportunity Zone homes. The loans roll the cost of repairs into a single mortgage and are offered to owner-occupant homebuyers and existing occupant homeowners for the purchase and/or rehabilitation of single family homes.)
The FHA loan upgrade becomes effective on Dec. 16, 2019. After that, qualified borrowers can roll an additional $50,000 into their first mortgage – a $15,000 increase over the current cap.
“Providing this opportunity means that the families seeking affordable homeownership or to improve their homes in distressed neighborhoods – where rehabilitation is needed the most – have a path to financing that makes it realistic to do the repairs and improvements that will uplift the entire community,” says Carson.
Allowable improvements include connecting to public water and sewage systems, repairing or replacing plumbing, heating, air conditioning or electrical systems, and covering lead-based paint stabilization costs.
As of Sept. 30, 2019, FHA had active insurance on over 623,000 mortgages located in Opportunity Zones, or 8% of FHA-insured mortgages nationwide.
The new incentive announced today is limited, however, to the first 15,000 mortgages secured by properties in Qualified Opportunity Zones each calendar year. The incentive expires on Dec. 31, 2028.
