Owners of commercial properties in five Knoxville business districts may apply for financial assistance to renovate street-facing exteriors under a new program announced today by Mayor Bill Haslam.

The $1.25 million grant program is designed to better the appearance of building facades, which can improve the economic viability of these areas and help increase property values.

The funding comes from U.S. Department of Housing and Urban Affairs grants and is administered by the City of Knoxville.

Roughly $900,000 in Empowerment Zone funding is available in the form of five-year forgivable loans for properties around Central Avenue and Broadway. Another $350,000 is targeted for Burlington, Five Points, Jackson Avenue and Mechanicsville.

"This program will serve as an incentive for property owners to make investments in their buildings, which will improve the marketability of space within the buildings and draw new business and residents to these areas," Mayor Haslam said.

Grants are available for $20 per square foot of improved facade, with a maximum of $50,000 per building. Applicants must provide a match equal to or greater than 20 percent of the amount awarded. The financial assistance is available on reimbursement basis following completion of the project.

Eligible work includes masonry and cornice repair; storefront reconstruction; exterior painting and stucco; and other renovations.

For more information about the program, contact the City's Community Development Dept. at 865-215-2120.