Public meeting about Quincy’s small rental rehab program set for Wednesday at City Hall

QUINCY — The city of Quincy has allocated $1 million in general funds to establish the Small Rental Rehabilitation Program (SRRP). 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 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. Building owners with property west of 18th Street and within the city limits may submit proposals for SRRP funding assistance. Property located within the Downtown Tax Increment Finance (TIF) 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 for the SRRP program. All units on the parcel need not be included in the scope of work to participate in the SRRP program. However, all units on the shared parcel must be up to code.

A public informational meeting will be held at 5 p.m. on Wednesday, June 26, in City Hall Council Chambers. Requests for proposals can be found on the city’s website located at www.quincyil.gov.

For further information, contact Planning and Development at 217-228-4515.

Proposed SRRP Schedule

• June 26 — Public informational meeting in the IT Training Room, second floor of Quincy City Hall at 5 p.m. to discuss the SRRP guidelines and requirements.
• July 18 — Deadline for submission of completed proposals to City of Quincy and completed information form and rental feasibility analysis form. Proposals screened for eligibility, program compliance, and receipt of all required support documents including financial commitment letters from the bank. Site inspections and specifications reviewed/approved by city inspectors to assure cost reasonableness.
• August — Eligible projects submitted to SRRP Committee for review and selection. (Cost of owner labor, appliances and equipment are not eligible under the program.) Committee submits recommendations to City Council for final approval and funding authorization.
• September — Loan processing: program agreements, loan closing.