D.R.I.V.E. Rent Subsidy
The Downtown Revitalization and Improvement Volunteer Effort (D.R.I.V.E.) offers a rent subsidy program to new business locating in the downtown redevelopment district. The rent subsidy covers 25% of the first year’s rent with a cap of $150 per month, 20% of the second year’s rent with a cap of $100 per month, and 15% of the third year’s rent with a cap of $75 per month.
Businesses must be open a minimum of 40 hours per week and open to the general public to qualify for the subsidy. All renovations on buildings in which subsidized businesses are located must be renovated in accordance to the D.R.I.V.E. guidelines. For more information about D.R.I.V.E. rent subsidies contact the Newport Economic Development Commission.