Digg This

Talk Back

Post a Comment

No comments posted

Related Articles

• The Great Talent Search
• The Lean-Building Machine
• Market Downturn Deepens
• Establishing a Strategic Plan
• Mr. Optimism

[View All]

HousingZone Most Popular Stories

• International Residential Codes Available Online
• Growing your remodeling business in the current economy
• 2008 Remodeler of the Year
• Develop Land Or Buy Lots? Home Builders Face Dilemma
• ProBuilder Product Report: Kitchen Appliances
• What Can You Recycle?
• A smaller home can still be beautiful
• Wood vs. Engineered Lumber
• Myths and Facts About Automatic Fire Sprinklers
• How to Use Percentage-of-Completion Accounting

Research Municipal Opportunities

Meghan Haynes, Associate Editor
June 1, 2003
Professional Remodeler

	Thus far, the city of Columbus is working with eight banks and 30 contractors to renovate neighborhood housing.

Spec remodeling loses some risk with government assistance. In Columbus, Ohio, the city is giving money to remodelers who rehabilitate single-family homes within five neighborhood investment districts — neglected areas in need of a housing boost.

Developers apply to the city and a lender for funds. The city matches the bank loan with grant money — 50 cents on the dollar, up to $20,000 — and gives the developer nine months to complete the renovation. Once the home is sold, the city forgives the loan.

Charles Gunnell, business development specialist with the city of Columbus, says the program gives remodelers a platform for testing and incorporating new design applications and techniques into projects with less risk.

"We encourage our rehabbers to take the property to the top of the market," Gunnell says. "Your profit margin is protected, and the savings are passed on to the buyers, which gives them more incentive to buy."

© 2008, Reed Business Information, a division of Reed Elsevier Inc. All Rights Reserved.

Talk Back

There are no comments posted for this article.

POST A COMMENT ON THIS ARTICLE