City of Dubuque issued the following announcement on November 16.
City Launches Pilot Program to Invest in Central Avenue Housing
The City of Dubuque has launched a pilot program to incentivize housing improvement and creation along the Central Avenue corridor.
The program will grant 10-year forgivable loans of $10,000 per unit to projects that add or improve quality, affordable residential housing choices on Central Avenue from 11th to 22nd street.
Eligible projects must:
- Be within the Central Avenue Corridor and an urban renewal area.
- Define a specific historic redevelopment project that includes at least one historical structure.
- Provide significant improvement to a minimum of four affordable housing units, or the creation of a minimum of four affordable housing units.
- Represent a total capital investment of no less than $500,000, including purchase price of the property if not already owned.
- Increase the assessed value of the property by at least 15%.
- Agree that all improved or created units would not discriminate based on source of tenant’s income.
“We’re looking to improve the appearance and livability of the Central Avenue corridor,” said City of Dubuque Economic Development Director Jill Connors. “Investing in housing leads to a more attractive business and residential environment that will attract and retain a quality workforce.”
The pilot program will run until June 30, 2022, or until funds are exhausted. For more information and to apply, visit www.cityofdubuque.org/centralcorridor or call 563.589.4393.
Original source can be found here.
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