With about $1.8 million from the city and $1.92 million from area financial institutions, Restore SGF is offering a few programs.
The "Restore My Block" program, which opened in October of last year, matches funds for curb appeal improvements on the condition that 10 neighbors all make those improvements together. In the first round, Restore SGF selected 40 homes for the program, totaling about $200,000 in homeowner capital invested, according to Restore SGF executive director Brendan Griesemer.
In February of this year, the organization started a down payment assistance program, funded by nearly half a million dollars in American Rescue Plan Act funds from the city. It has provided grants of $9,000 to new homeowners in the Doling Park East, Fassnight, Grant Beach, Meador Park East and Woodland Heights neighborhoods. Just over 3/4 of those home purchases were previously rental properties.
"With the help of this grant, I was able to significantly lower my own contribution to the closing cost of the home and still have a 10% equity in my property," said Mallory Maggi, a recipient of one of the grants who spoke at the meeting.
Griesemer also mentioned the nonprofit’s Revolving Loan Fund, a program they’ll implement this summer in which they’ll acquire homes, rehab them and then sell them via a development partnership with Matt Blevins Real Estate.
Former city councilman and Restore SGF board member, Richard Ollis, said the nonprofit, whose third employee starts this Monday, is "slammed" and looking for permanent sources of funding to the tune of $4 million to 8 million a year. He said the organization currently has three years’ worth of funding, but with that permanent funding, they could rehabilitate 450 homes a year over a 10-year period.
"We have financial institutions that I think have been very pleased and are likely to continue their investment. And candidly, given housing being number one in the comprehensive plan, we certainly hope that we may be part of a successful ¾-cent (sales tax) initiative," said Ollis, responding to a question from Councilman Craig Hosmer. Hosmer, fellow Councilman Brandon Jenson and Mayor Ken McClure all expressed a positive sentiment toward the nonprofit.
Looking forward to 2025, Ollis said that Restore SGF is looking to work with the city on "missing middle" housing such townhomes and duplexes in addition to projects supporting interior home improvements.