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Quincy announces Revolving Loan fund for west-side homes

Quincy announces Revolving Loan fund for west-side homes

4 months, 4 weeks ago by Scott Hardy

City teaming with several Quincy banks for fund

The City of Quincy and several Quincy-based banks have set up a loan fund that's meant to spur home ownership on the city's west side. 

Quincy Mayor Kyle Moore Wednesday announced the Neighborhood Housing Reinvestment Revolving Loan program at a press conference. Under the program, the city will offer 1.5% interest rate loans for 50% of the purchase price of a qualifying home, up to $50,000. The money's meant to be used with bank financing. The homes must be owner-occupied and located in the Riverside Neighborhood. That's from 2nd to 12th streets and from Chestnut to Jefferson. You'll also receive $3,000 for either a down payment or closing costs. Police and firefighters in Adams County could get up to $5,000. Moore says that the program is designed to get more people to buy and renovate homes. The Department of Planning and Development in Quincy says it's also a way to encourage people to build new homes on vacant lots.

Loan applications will be reviewed by a committee appointed by Moore. They'll then be submitted to the Planning Department for approval.

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