The Community Foundation of the Ozarks is committing $600,000 toward a program in Springfield called Restore SGF.
The goal of the program, according to city officials, is to encourage home ownership and enhance Springfield’s housing stock.
The aim of the program is to provide a central resource for all residential programs, more effectively market residential programs, stimulate the creation of rehabilitation incentives and provide resources to reduce barriers to home ownership and reinvestment in Springfield’s historic neighborhoods, according to a news release.
CFO president, Brian Fogle, announced the funding at a Springfield City Council meeting on Tuesday.
"We're making a $500,000 program-related, which will be...that patient capital that Restore SGF can use to buy homes, revitalize them, loan money at low interest rates to developers, etc.," said Fogle.
The rest of the money, $100,000 over five years, will provide funding for staff to do what Fogle calls “mission work.”
A delegation from Springfield visited Des Moines, Iowa in June to see how a similar program, the nonprofit, Invest DSM, is working there. Members presented their findings to Springfield City Council on Tuesday. City Council also heard from Invest DSM's director.
View the presentation here.
