City Accepting Rental Rehabilitation Loan Proposals as it Looks to the Future of CDBG Funding
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Today marks the end of our weeklong celebration for the 50th anniversary of the Community Development Block Grant (CDBG) Program, but it also represents a chance for Olympians to participate in the future of the program.
With its CDBG funding, the City of Olympia offers a rental rehabilitation loan program and is currently accepting project proposals for the 2025-26 pipeline.
The program offers zero percent interest, deferred-payment loans with certain affordability covenants. Funding is subject to availability. Examples of improvements eligible under the program include correction of health and safety concerns; plumbing or electrical improvements and repair; roofing; heating and cooling equipment; windows; energy-efficiency improvements; siding; and improving the livability of the structure.
The value of a loan from the rental-rehabilitation program can be seen in the example of a home owned by Danielle and Reid. When Danielle and Reid bought their home, they had to undertake significant health and safety improvements to continue to provide affordable housing in their upstairs apartment. The exterior stairway was unsafe, degrading and not built to code. Because of the City's flexible rental rehabilitation program, Danielle and Reid can demolish and rebuild the stairs at a safe grade for their tenant. The revolving loan fund also financed the installation of an energy-efficient, ductless heat pump through the Energize Olympia campaign.
For those who would like to participate in the rental rehabilitation loan program, an interest link can be found on the City's CDBG webpage. Staff will follow up within two weeks to begin project review. We look forward to you becoming part of CDBG's future.
Olympia receives federal CDBG funds from the United States Department of Housing and Urban Development (HUD) as a grantee. Funds are received annually through a formula allocation. In accordance with HUD, the funds are distributed to "develop viable communities by providing decent housing, a suitable living environment and opportunities to expand economic opportunities, principally for low- and moderate-income persons."
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Contact
Anastasia Everett, CDBG Program Manager
City Manager's Office
360.233.6197
[email protected]
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