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Reservoir Hill Revitalization Initiative
Homesteading Campaign -Phase 1
The first group of houses, at least 15 City-owned properties, were offered directly to buyers interested in renovating and occupying a home in the neighborhood. 25-to-50 additional properties were made available in this way as soon as the City obtained ownership.
 At the first Open House Event, almost 1,000 came out to tour homes and obtain application packets for making offers on properties.
Contractors and developers who were willing to rehab and sell to an owner-occupant were also able to participate in this offering.
These large townhouses were on stronger, architecturally significant blocks in the community. They tend to be large and in poor condition, but offer tremendous potential. Cost estimates for rehabilitation, in almost all cases, exceeded $175K. However, current market prices made these investments profitable.
The City rovided a $3,000 grant toward down payment costs to owner-rehabbers.
The City provided a cost estimate and structural engineering report on the houses so that owner-rehabbers would have an understanding of the rehabilitation needs of the property.
The City coordinated with lenders to make the process of borrowing a "purchase rehab" loan easier.
The City engaged private sector brokers to market houses on the Multiple Listing Service through the SCOPE ("Selling City Owned Properties Efficiently") program.
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