New program offering loans to fix Quincy historic district - WGEM.com: Quincy News, Weather, Sports, and Radio

New program offering loans to fix Quincy historic district

Posted:
Homes that are on the list eligible for the loan. Homes that are on the list eligible for the loan.
Mayor addressing the media in city hall. Mayor addressing the media in city hall.
Harrison Home at 523 Payson. Harrison Home at 523 Payson.
Drone shot of Quincy Drone shot of Quincy
For sale signs outside homes. For sale signs outside homes.
QUINCY, Ill. (WGEM) -

The mayor announced a plan this morning to revitalize neighborhoods.

It focuses on the area from 2nd to 12th street, and Chestnut to Jackson streets.

The idea is to reinvest $200,000 in the area to preserve history and make the area a better place to live. 

Residents living on the 500 block of Payson Avenue said they need help because they are on a fixed income and can't spend a lot of money on home improvements.

Now the city is trying to help them out by giving them a loan to improve their property and the neighborhood. 

"My grandparents house is around the corner and it's been sitting empty right now and sitting on the market because it's in bad shape, so this money can benefit," Jessie Harrison said. 

A new neighborhood housing reinvestment revolving loan program is handing out thousands of dollars to residents to make improvements on properties.

The goal is to keep the city from having to tear down the homes in the future.

"When you don't have owner occupied housing, sometimes you see blight increase, you see crime increase," Mayor Kyle Moore said. "We want to develop program to inject much needed capital into our historic neighborhoods." 

The Harrison family said they would use this loan on a variety of projects, including a new furnace because the family has been using a gas stove in the winter for the past six years. 

"That would be a blessing," Harrison said. "That would truly be a blessing. The kids would be warm. We wouldn't have to be worrying about blankets. We keep it warm, but it would mean more than anyone could know."

The department of planning and development hopes this grant has an impact like previous programs to the downtown district.

Chuck Bevelheimer said the area was chosen because statistics showed it there was a lot of low income and high unemployment.

"The idea behind this is to encourage people to invest in the older neighborhoods and gives home buyer incentive and encourage people to buy into the neighborhood," Bevelheimer said.  

Harrison has already made improvements inside the home to a bedroom, living room, and kitchen.

She said the home was built by a family from Germany and she wants to keep that history alive. 

"That would mean the world, that would mean we could leave the property for the grandkids and children like myself. It would be a nice stable home and they wouldn't have to worry about it," Harrison said. 

There's also incentives for people looking to buy these homes as well.

There are a lot of for sale signs in this neighborhood and the city is offering families $3,000 to be used on a down payment or for closing sales.

You can pick up an application at city hall. 

Residents in a single-family household only can receive up to $50,000  

There is a 1.5% interest rate and it will gradually reduce over the 15 years. 

Applications will be reviewed by a committee appointed by the Mayor. 

Powered by Frankly