City reports $413,798 remaining in Housing Infrastructure Preservation Fund; marketing push planned

Carrie Smith, Department of City Development real estate staff, told the committee the Housing Infrastructure Preservation Fund has a current balance of $413,798.19 and that staff have not spent additional funds since the last meeting while they “reconfigure” program operations following state statute and a new city ordinance.

Smith said the department has been using its marketing communications coordinator to improve outreach and locate buyers earlier in the rehabilitation pipeline so the city can better match funding investments with buyers who will restore and occupy historic properties. Smith said the city can contract work up to $100,000 without additional approval and can offer grants of up to $50,000 per property to a buyer for exterior work.

Committee members described past success with the program: one member said the city has completed about 60 properties through the initiative, with roughly 56 returned to the tax roll. Committee members also discussed using successful local projects as models and coordinating with neighborhood development partners such as NIDC and HomesMKE for replication.