old town rotary presentation

7/30/2019 Old Town Rotary Presentation

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Map of Old TownMap

of Old Town


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Old Town Revitalization CompanyOld Town Revitalization Comp

any

formed September 2008formed September 2008

501 c-3 nonprofit501 c-3 nonprofit

PurposesPurposes

encourage public & private investmentencourage public & private investment

provide technical assistanceprovide technical assistance

facilitate coordination of resourcesfacilitate coordination of resources

receive & maintain assetsreceive & maintain assets

promote grants and new incentive programspromote grants and new incentive programs


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INCENTIVE PROGRAMSINCENTIVE PROGRAMS

Downpayment assistance up to $5,000.00Downpayment assistance up to $5,000.00

Property tax reimbursement for up to 5 yearsProperty tax reimbursement for up to 5 years

Adaptive Re-use incentive of up to $10,000Adaptive Re-use incentive of up to $10,000

Single family loan program underwritten by 5 local lenders-Single family loan program underwritten by 5 local lenders-

Central Bank, Jefferson Bank, Home Savings Bank,Central Bank, Jefferson Bank, Home Savings Bank,Hawthorn Bank & Providence BankHawthorn Bank & Providence Bank


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Requirements for Incentive Programs VaryRequirements for Incentive Programs Vary

But Generally SpeakingBut Generally Speaking

Structure must be in Old TownStructure must be in Old Town

Must be built prior to 1951Must be built prior to 1951

Must be vacant or rental for a year prior toMust be vacant or rental for a year prior to

purchase*purchase*

Must be owner-occupied for 5 years after purchaseMust be owner-occupied for 5 years after purchase

Structure worth at least $40,000.00Structure worth at least $40,000.00

*not a requirement of bank loan program*not a requirement of bank loan program


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Since 2007Since 2007

49 Approved applications for property tax49 Approved applications for property tax

reimbursement programreimbursement program 19 involved conversion from multi-family to19 involved conversion from multi-family to

single family homessingle family homes

21 properties had been vacant for at least21 properties had been vacant for at least

eighteen monthseighteen months

9 properties were uninhabitable at the time of9 properties were uninhabitable at the time ofpurchasepurchase

32 of the recipients were first-time homebuyers32 of the recipients were first-time homebuyers


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Since 2009Since 2009

11 approved applicants for the down11 approved applicants for the down

payment assistance programpayment assistance program 6 of the properties required significant repairs at6 of the properties required significant repairs at

the time of purchasethe time of purchase

7 of the purchasers were first-time homebuyers7 of the purchasers were first-time homebuyers

4 of the purchasers were new to Jefferson City4 of the purchasers were new to Jefferson City


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LEVERAGED FUNDS PROMOTINGLEVERAGED FUNDS PROMOTING

PRIVATE INVESTMENTPRIVATE INVESTMENTAverage property value in Old Town isAverage property value in Old Town is

$50,000$50,000

For each purchase encouraged by cityFor each purchase encouraged by city

incentives, $40,000+ is being invested byincentives, $40,000+ is being invested by

the home purchaser just for the purchasethe home purchaser just for the purchase

$2 - $3 million in private dollars invested in$2 - $3 million in private dollars invested in

Old Town by residential purchasersOld Town by residential purchasers

That doesnt include the additional dollarsThat doesnt include the additional dollars

spent by new homeowners fixing up theirspent by new homeowners fixing up their

home purchaseshome purchases


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LOCAL BANKS JOINLOCAL BANKS JOIN

IN THE EFFORTIN THE EFFORT In the fall of 2011 Central Bank, Jefferson Bank,In the fall of 2011 Central Bank, Jefferson Bank,

Hawthorn Bank, Home Savings Bank & ProvidenceHawthorn Bank, Home Savings Bank & Providence

Bank joined together in a special loan program forBank joined together in a special loan program for

homebuyers in Old Town.homebuyers in Old Town. Each bank has committed $500,000 for a total ofEach bank has committed $500,000 for a total of

$2.5 million in available financing on favorable$2.5 million in available financing on favorable

terms.terms.

Relaxed eligibility requirements, lower fees (noRelaxed eligibility requirements, lower fees (no

mortgage insurance, lower down payments)mortgage insurance, lower down payments)

About a dozen bank loans have been made inAbout a dozen bank loans have been made in

2012.2012.


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old town rotary presentation

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