What's Happening in Springfield, MA…

Legislation has been passed by the Springfield City Council to establish the Springfield Housing Trust Fund.

The Springfield Redevelopment Authority will administer the trust fund in order to enable the preservation, rehabilitation, and adaptive rehabilitation of housing in the city. There will be an Advisory Committee, which will have experts in the fields of real estate, housing, finance, and non-profit organizations as well as resident appointments who will advise on the initiatives and goals of the fund. More information about such trust funds can be made available to the community with flyer printing.

Among the project funds are loan programs of a revolving nature for the rehabilitation of blighted property, grants to eligible homeowners for repairs to foundations and exteriors of homes, and incentives for the adaptive rehabilitation and construction of new housing.

The American Rescue Plan will most likely provide initial funding for the trust fund and be used for grants to eligible homeowners for repairs. The source of future funding may come from revolving loans, general finds, and the Community Development Block Grant (CDBG) Program.

Marcus Williams, President of the City Council, expressed his delight that the Housing Trust Fund was passed. He added that Springfield has always been the City of Homes and the city will now be able to be more proactive in preserving and creating available housing.