Lets chat free money, did you know that Jefferson City has city-funded programs available for residential, rental, and commercial improvements? Like most people who live and work in Jefferson City, we would like to see “old town” restored. We had the opportunity to attend a meeting with Jayme Abbott, Neighborhood Services Coordinator, last month to learn about the opportunities available to home buyers and investors interested in living and investing in “old town”. To view eligible areas please review this map. The city provides incentives through four different programs: Residential Incentive, Rental Façade Program, Commercial Façade, and Adaptive and Reuse Program, although if you want to invest in other type of businesses as well, there are options like trade fx where you can do online trading as well.
The first available is the Residential Incentive Program which is only available to those who will be owner occupying the property. Qualifiers include a construction date of December 31st, 1959 or earlier, fair market value of no more than $150,000, vacant or rented for the past 180 days or more, property has not been previously assisted with the program in the past 10 years, does not have any delinquent tax liens, assessments, or other fees due to the city, and the property is a single family or duplex as long as owner lives in one side
If the property qualifies and you are approved, the city can do a dollar for dollar match up to $5,000 for the down payment as long as the application is submitted 30 days prior to closing. They can also offer an incentive to reimburse property tax up to $2,000 per year for five years. Requests must be submitted no later than June 30th each year. There are a few other qualifiers to be approved for one of these incentives, but if you are looking to purchase a home in “old town” Jefferson City this program is worth looking into.
The second city-funded program is the Rental Façade, perfect for investors. This application process is competitive, the goal of program is to improve exterior appearances and condition of rental properties and maintain historic integrity of the neighborhood. Any exterior improvements exceeding $10,000 may be eligible. Landlords can receive 50% in reimbursements ($5,000) with a max of 2 units. This program only applies to structures that are single family and structures constructed as a duplex. Eligible exterior improvements include cleaning/patching/painting façade walls, siding installation/repair, doors and windows, canopy/porch repair, mortar joint repair, railings/ironwork repair, gutters and downspouts, and replacement/repair or exterior steps.
The third program is the Commercial Façade. This program assists investors and developers in updating and restoring commercial buildings. Requests for this program must be submitted no later than June 30th each year to the city. Owners can receive up to $15,000 in efforts of improving any qualified commercial property. Other qualifiers include construction date December 31st, 1959 or earlier, fair market value of $40,000 or more, and the property cannot have any delinquent tax liens, assessments, or other fees due to the city.
Lastly, is the Adaptive Reuse Program. The Adaptive Reuse program is to enhance, encourage and support reinvestment in the City’s core. The purpose is to bring vacant buildings no longer usable for residential purposes and adapt the building for new uses while retaining historic features. Once again, the property must qualify and applications must be submitted no later than June 30th each year. To qualify, the construction date must be December 31st or earlier, vacant 180 days or more, located in one of the adopted neighborhood plans, fair market value of $40,000 or more, improvements meet Historic Preservation Commission guidelines, and the property does not have any delinquent taxes, liens, assessments, or other fees due to the city. Owners can receive a tax reimbursement incentive up to $2,000.00 per year for 2 years. Please read here for more information.
There are also two federally funded programs that can be used in conjunction with the city programs or independently through Missouri Housing Development Commission and Community Development Block Grants, which is provided through the City of Jefferson. For more information on these federal programs please see www.mhdc.com and www.jeffersoncitymo.gov.
For more information about any of these programs please contact Jayme Abbott with the City of Jefferson 573-634-6305 or visit their website.
Photo courtesy of the Historical Society of Cole County. Artist Unknown