QUINCY — The city of Quincy has allocated $1 million in general funds to establish the Small Rental Rehabilitation Program, and a public meeting about the program will be held at 5 p.m. Thursday, Sept. 8, in City Hall council chambers.
A maximum of $250,000 will be set aside annually as a financial incentive for the development of residential rental housing. Building owners with property west of 18th Street and within the city limits may submit proposals for SRRP funding assistance.
The SRRP aims to rehabilitate existing distressed rental dwelling units or develop new market-rate rental units through new construction or the conversion of existing buildings.
Property in the downtown Tax Increment Finance district is not eligible for SRRP funding. Forgivable loans for 50 percent of the total cost of renovation/construction up to $20,000 per unit are available at zero percent interest. A project must be located on a single parcel containing no more than six dwelling units to qualify. All units on the parcel need not be included in the scope of work, but all units on the shared parcel must be up to code.
Requests for proposals can be found on the city’s website at www.quincyil.gov. For further information, contact Planning and Development at 217-228-4515.
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