Quincy Mayor Kyle Moore announced a neighborhood housing reinvestment revolving loan program at a news conference on Wednesday.
Chuck Bevelheimer, Director of Planning & Development stated that the program is part of the Quincy Next Strategic Plan and is meant to help revitalize older neighborhoods.
Bevelheimer stated that the plan calls for the city to establish a revolving loan fund for infill housing development, with the focus on historic districts and neighborhoods around the downtown area.
The goal of the program would be to establish a low-interest revolving loan program to:
- Stimulate the preservation and renovation of residential dwellings
- Incentivize building new homes on vacant lots.
- Encourage pride of ownership and increase home ownership.
- Increase Property values.
- Conserve public funds by rebuilding where infrastructure already exists.
Bevelheimer stated that the objective of the program is to assist, but not replace conventional financing. The program will provide low-interest loans for 50% of the purchase price for qualifying properties up to the maximum of $50,000, which must be used in conjunction with bank financing. Renovation projects must result in significant and identifiable improvements that require homeowners to make additional investments equal to or exceeding the city loan.
The program also includes a home buyer incentive for those purchasing their primary residence in the form of a $3,000 grant to be used at closing as a down payment. Sworn police officers and firefighters employed in Adams County may receive a $5,000 grant.
Properties must be owner-occupied and located in the Riverside Neighborhood – Jefferson to Chestnut St and 2nd to 12th St. This area was chosen because the census tracts are distressed due to the low per capital income, high percent unemployment, high percent below poverty, low median value of housing and the age of the housing which is mostly pre-1940.