4/18/2017 - The City of Bangor recognizes National Community Development Week, reminds investors and contractors of programs available to help pay for home rehabilitation projects
In recognition of National Community Development Week, April 17-22, 2017, the City of Bangor is reminding investors and contractors of the variety of housing rehabilitation programs the City offers through Community Development Block Grant (CDBG) funding. As part of the City’s continued efforts to rehabilitate homes and neighborhoods, particular opportunities exist for investors and contractors to participate in these programs.
For investors, rehabilitation loans assist property owners with the maintenance of properties whose majority occupancy qualifies as low to moderate income tenants. Common items repaired or replaced include, but are not limited to: roofs, windows, doors, siding, exterior trim, electrical and plumbing, foundations, walls, ceilings, floors, interior and exterior stairways, and energy efficiency upgrades. The program is open to both owner occupied multifamily dwellings and investor owned properties with income eligible tenants.
Investors should consider the program as the interest rates are often better than bank rates, with flexible terms ranging from 5 to 20 years. The City assists with project management and can even provide prequalified contractors.
For contractors, the CDBG program can help deliver work right to you. Projects range from simple roofing jobs to complete rehabs. Working with the City’s CDBG staff means you get signed contracts, secured funding, invoices paid in 1-2 business days, and assurance of funding on change orders. The program can be especially helpful to fill in slow times in your workload.
Program details can be viewed on the City’s website at http://bangormaine.gov/housing or you may contact Jeff Wallace, Housing Rehabilitation Coordinator, at 207-992-4239 for further information.
The City of Bangor, Maine is a service center community of 33,039 residents and is the county seat of Penobscot County. Bangor is the major commercial and cultural center for much of northern and eastern Maine. The City is an equal opportunity employer and service provider. For information on City projects and news, see www.bangormaine.gov.