ROCKFORD, Ill. (WIFR) – A program that restores abandoned homes brings hope and economic strength to some of Rockford’s neighborhoods.
“This really is one of those rare opportunities that we can say it’s a win win win for everyone,” said Mayor of Rockford Tom McNamara
More than a dozen properties in Rockford will get a new life thanks to the city’s Community Investment Fund, which celebrates its first year. The program’s goal is to take abandoned homes and eyesores and turn them into livable sites. As a result, improve property values in the neighborhood.
“We’re providing financing to correct the problem of dilapidated housing,” said Rockford Community Investment Fund’s executive director Tom Sandquist.
The fund offers loans to contractors to rehab houses in low-to-moderate income neighborhoods. Sadnquist says there are 14 active loans totaling $855,500.
“We are looking for people to come to us and hopefully we can help them in their business but also to create more safe, sanitary and healthy housing,” Sandquist said.
Jason Bennett’s participation in the program is personal. The investor and contractor grew up in neighborhoods he says were ignored and stigmatized. Bennett believes the loans give home, luring more people to Rockford and boosting the quality of life for people already here.
“That has been neglected and rehab it and make it nice and then see when you move somebody in or you take the homeowner that owned it before and they come back and see it, they’re absolutely amazed and what it could be,” Bennett said.
In the future they hope to have rent to own projects and be able to loan money to the actual home buyer, Sandquist said.
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