Information meeting about small rental rehabilitation program set for Feb. 24
The City of Quincy has allocated $1 million in general funds to establish a small rental rehabilitation program. From that amount, a maximum of $250,000 will be set aside annually as a financial incentive for the development of residential rental housing.
The goal of the SRRP is to rehabilitate existing, distressed rental dwelling units or to develop new market-rate rental units through new construction or through the conversion of existing buildings.
Building owners with property west of 18th Street, within the city limits, may submit proposals for SRRP funding assistance. Properties within the downtown tax increment finance (TIF) district are ineligible for SRRP funding. Forgivable loans are available at zero percent interest for 50 percent of the total cost of renovation/construction up to $20,000 per unit.
A public information meeting will be held at 5 p.m. Feb. 24 in City Hall council chambers. Requests For proposals can be found on the city’s website at www.quincyil.gov. For more information, contact Planning and Development at 217-228-4515.
Miss Clipping Out Stories to Save for Later?
Click the Purchase Story button below to order a print of this story. We will print it for you on matte photo paper to keep forever.
