- Home
- Government
- Economic Development
- Doing Business
- Incentive Programs
Incentive Programs
Grants, loans, and incentives assist eligible recipients in developing economic development plans and studies designed to build capacity and guide the economic prosperity and resiliency with the City of Hampton.
-
General Grant Application and Information
-
Retail Incentive Grant
The Retail Incentive Grant Program is designed to provide financial assistance to retail property owners and retail business owners located within the Downtown Hampton and Phoebus Master Plan areas. The purpose of this program is to increase the retail presence and sales in Downtown Hampton and Phoebus by providing incentives designed to attract and retain quality retail businesses.
-
Federal HUB Zone
The City of Hampton has a newly-expanded Federal HUB (Historically Underutilized Business) Zone which encompasses areas throughout Hampton including Phoebus, downtown, Copeland Industrial Park and sections of the Coliseum Central area. The Small Business Administration office manages this program and areas are designated based on poverty and unemployment criteria.
-
Opportunity Zones
The Opportunity Zones program was established by Congress in the Tax Cut and Jobs Act as an innovative approach to spurring long-term private sector investments in low-income urban and rural communities nationwide.
-
Foreign Trade Zone
The City of Hampton is in close proximity to Foreign Trade Zone (FTZ) #20 and is the general purpose zone for the region. Companies that import raw materials and then export much of the finished product can greatly benefit from the FTZ designation.
-
Hampton Arts & Cultural District
The designation, which covers much of downtown and Phoebus, was created to encourage arts-based businesses and cultural institutions to locate or expand in the district.
-
Hampton Business Assistance Program
The grant component is designed to stimulate capital investment and job creation paying quality wage rates; stimulate the redevelopment of under-utilized and deteriorated commercial and industrial properties in Hampton; activities that are linked to the expansion, retention and attraction of businesses in Hampton.
-
Manufacturing & Innovation Assistance Grant
Designed to aid small Hampton manufacturers that manufacture, prototype, design and/or develop commodities by encouraging them to seek improvements in production, productivity & competitiveness.
-
NASA Technology Commercialization Grant
The Hampton Economic Development Authority created the NASA Langley Research Center Technology Commercialization Grant to stimulate technology transfer, commercialization opportunities and new business creation tied to NASA Langley Research Center.
-
Port Authority Incentives
The Port of Virginia offers a variety of tax incentive programs including the Port Volume Increase Tax Credit, Barge and Rail usage Tax Credit and the International Trade Facility Tax Credit.
-
Rehabilitation Tax Credit
Commercial and Industrial structures that are 25 years or older are eligible for a 6-year exemption of the increased assessed value of the property after a substantial rehabilitation. The exemption commences on the first taxable year following completion at a rate of 100% of the increased assessed value for the first 3-years and 50% remaining 3-years. For a property to be considered substantially rehabilitated the value of the structure has to be increased by at least 60% without increasing the total square footage by more than 25%.
-
Virginia Enterprise Zone Program
The City of Hampton has two state-designated Enterprise Zones, the Hampton Roads Center and the Hampton Urban. Two State incentives are available to existing and new businesses to aid the expansion and relocation of facilities.
-
Hampton Enterprise Zone Program
The program is designed to stimulate economic growth and neighborhood revitalization by encouraging businesses to expand, relocate, or start new operations within Hampton’s designated Enterprise Zone boundaries.
-
Local Loan Programs
Loan programs include the Hampton Business Assistance Program and Grant Fund and Hampton Industrial Revenue Bonds.
-
Tourism Zone
The primary purpose of establishing a Tourism Zone is to provide a targeted economic development tool to encourage attraction of tourism-related businesses and-or development projects within a defined geographic area where a deficiency has been identified.