Steuben County, in collaboration with REDEC and the Steuben County Industrial Development Agency (IDA), has unveiled a new Downtown Redevelopment Loan Program aimed at revamping vacant and deteriorating buildings in downtown areas and rural community centers.
This initiative seeks to enhance housing, commercial spaces, and overall quality of life in these regions.
Officials have emphasized the program’s focus on multi-use projects, particularly those combining commercial spaces on the first floor with residential units above.
The loan program offers low-interest financing options for a broad spectrum of improvement projects, including interior renovations and facade enhancements. The initiative targets existing buildings for either commercial or mixed-use redevelopment, aiming to create vibrant, walkable downtown areas.
Details of the loan program reveal that eligible projects can receive loans ranging from $10,000 to $30,000, covering up to 50% of the total rehabilitation cost. The loans feature a 3% interest rate, fixed for five years, with interest-only payments due during the first year.
Notably, half of the loan principal will be converted into a grant upon successful completion and occupancy certification of the project. The program is expected to continue until the allocated funds are used up.
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