Monday, October 1, 2007

Single Family Housing Grants

Also on the agenda for tomorrow night is this proposal creating a grant program for families that take what are currently rental units and converting them into single family housing. The proposal provides for a waiver of all inspection fees and a grant of $5000, providing that

1) the house has been a rental unit for at least 2 years
2) the owner of record occupies it for at least 10 years.

There's no money in the budget for the proposal, so any funds needed would have to come from the city's general fund. Also, apparently there's been no research indicating how much demand there is for such a program. Quoting from the proposal, "It is very hard to project the participation the proposed program will generate."

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check out this site for available property in Carbondale. There are some houses with potential that probably have been rentals. I think with the right promotion the incentives are good. It would be a long term investment but in the long run it could pay off. However, like all investments ther is a risk.
It would be interesting to take a look at some of the houses. Being prepared for renovation is essential.
As one who has already bought a former rental house in Carbondale and converted it back, let me tell you it has been very rewarding. Not only have we received much praise from the city as well as the community, we have much more square footage and much more charm than what any new construction on the edge of town could afford us for the same money. Also, we are within walking distance (two to four blocks) of 20 plus restaurants, clubs, boutiques, grocery stores, and all the other great amenaties that downtown Carbondale has to offer. I walk to work everyday (rain or shine, snow or heat) and love the easy accesibility that both 13 and 51 provide to get around town (both only one block away). Carbondale Memorial is only one block away and SIU is only five. What?, 7,000 to 8.000 jobs with in only a couple blocks, most places should have it so good. I highly encourage anyone to invest in the Arbor District, it's return should surpass your expectations. West Monroe is a good place to start. There has already been good investment on that block and it is across from the public library and a small park. Anyone interested should check out or simply drive through the area and see all the new investment and restoration in the neighborhood. The potential is limitless.
Forcing the homeowner to occupy it for ten years is far too long.

And how would the city enforce such a restriction? Would the person get the money only after living in the dwelling for ten years? Or would they somehow be billed for the $5,000 if they left prior to ten years? A lien put on the property?
I thought 10 years was rather long myself.
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