Speedway Unveils Housing Rehab InitiativeSRC Member
Inside INdiana Business
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Speedway officials have broken ground on a housing rehabilitation project. The Speedway Housing Improvement Program is an initiative focused on owner-occupied and foreclosed or distressed properties in need of a rehabilitation, renovation or repair.
SPEEDWAY, Ind. — Speedway Town leaders today celebrated implementation of a new comprehensive housing program designed to bolster owner-occupied housing by breaking ground on its first housing rehabilitation project. The home, located at 5418 West 25th Street, is a foreclosed property acquired in September by the Speedway Community Development Corporation (SCDC).
Since the property was purchased, volunteers have coordinated the design, written specifications, recruited volunteers, and brought key sponsors on board. The restoration will include the upgrade of essential systems, renovation of bathrooms and kitchen, new flooring, doors, trim and finishings throughout the inside and outside of the house. Upon completion, the property will be sold to an individual or family for owner-occupied housing.
“Over the past few years, the Town has focused attention on rehabilitating the aging commercial and industrial district, and we now see the fruit of our redevelopment efforts,” noted Speedway Town Councillor Eileen Fisher. “An important element in the viability and success of any community is a strong housing market. We want to promote home ownership and provide a method for investing in our community and this project is that first step.”
The Speedway Housing Improvement Program is an initiative focusing on owner-occupied and foreclosed or distressed properties in need of rehabilitation, renovation or repair. The program, a cooperative effort of the all-volunteer Speedway Community Development Corporation, Speedway Redevelopment Commission and the Speedway Housing Advisory Council, is designed to increase the number of owner-occupied homes within Speedway while promoting local jobs. Both grant and loan funding is contemplated under the program, and there are elements that will include income-based eligibility. Seed money for the first phase of the program came from the Town’ Redevelopment Commission.
The Housing Improvement Program’s four-pronged approach includes:
-Acquire, Rehabilitate and Sell – This initiative identifies distressed, at-risk and abandoned or foreclosed properties for potential acquisition. Properties acquired – such as the initial project at 5418 W. 25th St. – will be rehabilitated and sold to individuals or families who commit to keep the property owner-occupied for an agreed-upon period of time.
-Renovation Grants and Loans – The town will offer seed money for investors living in Speedway who want to be a part of improving their community. The seed money will provide residents with an incentive to invest, encouraging the use of local contractors.
-Owner-Occupied Housing Rehabilitation – Occupied properties identified as distressed or at-risk could be eligible for financial assistance as an incentive for the owner or owners of the property to repair and maintain their home. The participation and approval of this program requires a covenant that the home remains owner-occupied for the term of the loan.
-Owner Emergency Assistance – A grant or forgivable loan will be available to individuals or families who need to make emergency repairs to their owner-occupied home to eliminate immediate threats of life, health and safety in their homes.
“This project and the implementation of the housing improvement program are but first steps. We want to create a sustained revenue stream to continue this important effort,” concluded Barbara Lawrence, Speedway Town Manager.