A public meeting for the 100 Homes Program will be held at 7 pm, July 19th, at United Neighbors. The program is modeled after the Neighborhood Finance Corporation
in Des Moines. The program offers financing through forgivable loans for individuals, from any income bracket, looking to purchase homes in neighborhoods. Of course, stipulations will be in place to ensure those dollars are used for re-hab purposes. The goal of 100 Homes is to encourage re-investments in neighborhoods and to encourage economic diversity in our older neighborhoods.
The DM program, over 16 years, has led to 2,600 housing unit re-habs and $148-million of investments in 27 neighborhoods.
Let me know your thoughts or stop by the meeting on the 19th.
Information from the city website:
In November 2006, the City held an informal meeting at United Neighbors to talk about a new idea for a housing finance program. Those who attended learned about how the goal of the program is to encourage economic diversity in one or more low income neighborhoods by providing homebuyer assistance. The concept involved inviting neighborhoods to apply for the program. Then, qualifying buyers who purchase homes in the selected neighborhood(s) would be eligible for down payment and rehabilitation assistance.
Since then, the City Council has allocated $300,000 to this program, now called the 100 Homes Program. The name comes from the goal of providing assistance to 100 home buyers in one or more small neighborhoods over a several year period. Further, 11 lenders have committed funding to the program. The City has formed a Design Committee, which has drafted details about the program, including a draft neighborhood application form and draft program flyer.
More information, click here