I come from the town of Flemington, New Jersey (Charles Lindbergh trial fame)
Our town has been going through a Main Street revitalization for a few years, but now a proposal to revamp main street includes a proposal to knock down the Union Hotel. It has sat empty since the restaurant went out of business in 2008. it is in deteriorated condition, and the upper floors havent been used in decades. The cost of refurbishing the hotel would understandibly be daunting, and questions stemming about who should bear the cost of renovating.
Are there any grants available to assist in such projects? I am extremely passionate about history, and my town, and do not want to see the building knocked down. Unfortunately I don't have a whole lot of details right now about the property.
There are a number of ways to approach this. First, you should try to work with your state historic preservation office (SHPO) to see what sorts of state grants and technical assistance is available. Limited federal grants are available for properties listed in the National Register - you don't specific whether this is the case, but it probably can be achieved. If it is not listed, it could delay the ability to attract grants.
Often states do not award state or federal grants for private property, particularly when they are commercial properties. The National Park Service administers a federal tax credit program (in coordination with the SHPO), which allows developers to deduct 20% of development costs as tax credits when dealing with National Register buildings (and development follows the Secretary of the Interior's Standards for Rehabilitation). This is significant since a developer who invests $1 mil gets $200k back in tax refunds.
Artspace is a non-profit organization, which cleverly combines Historic Preservation tax credits, low-income housing tax credits, and various other grant sources to restore things like historic hotels, so you may want to contact that group.
If I can help, don't hesitate to pm me; I'd be glad to kick things around: I administered a SHPO for three decades and I served as the chairman of the National Historic Landmarks Committee for the National Park Service. Good luck - and save this building!!! It is worth it.