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Quincy establishes Neighborhood Revolving Loan Fund

(KHQA)

Quincy Mayor Kyle Moore, along with local banks, want to make it easier for first time home owners to buy a home.

The city will offer low-interest loans for 50% of the purchase price of a qualifying home, up to a max of $50,000 to be used alongside bank financing.

The homes must be owner occupied and located in the Riverside Neighborhood from 2nd to 12th streets and Chestnut to Jefferson Streets.

You'll also receive a $3,000 grant to be used as closing for a down payment or closing costs.

If you're a police or firefighter in Adams County, you may received up to $5,000.

"The program is starting immediately. It's a program aimed to increase investment in our core neighborhoods. It's a program which will help bridge the gap that makes it difficult for owners to buy homes in these historic neighborhoods and renovate them," said Mayor Moore.

The Neighborhood Housing Reinvestment Revolving Loan Program will have a 1.5% interest rate.

The Department of Planning and Development in Quincy stated the following as its goals for the program:

  • Stimulate the preservation and renovation of residential dwellings
  • Encourage 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

Loan applications will be reviewed by a committee appointed by the Mayor. Applications will be submitted to the Planning Department and will include real estate acquisition, specifications and costs estimates for improvements and a proposed time frame for completion, according the to city.


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