December 12, 2024 -With grant support from an Illinois Housing Development Authority’s (IHDA) Strong Communities grant and the City of Decatur’s American Rescue Plan funding, the Central IL land Bank Authority (CILBA) completed another two “Abandonment to Rehab” projects.
The projects at 475 S Crea and 1920 N Edward Street were gut renovations and will provide two new affordable homeownership opportunities in Decatur. With three homes sold so far this year, these are the fourth and fifth projects the land bank has completed to help revitalize Decatur’s neighborhoods.
Decatur Mayor Julie Moore Wolfe said “this partnership with the land bank is a great example of them leveraging more resources to scale up revitalization work in our City. CILBA took the American Rescue Plan funds from Decatur and got an additional $337,000 grant investment from IHDA so more projects could be done. Some of the land bank’s contractors are utilizing Land of Lincoln’s below market interest rate Line of Credit for emerging contractors – this was supported by the City. Potential income-qualified buyers can tap into the City’s new Down Payment Assistance program for these homeownership opportunities the land bank is creating. It is great to see more of CILBA’s rehab projects crossing the finish line.”
IHDA Executive Director, Kristin Faust, said “This work shows what is possible when we leverage local partnerships and funding to rebuild our neighborhoods. Not only are we creating new opportunities for affordable homeownership, but we are supporting local businesses, generating tax revenue for government services and school districts, and improving the quality of life for our neighbors. This is what it means to build a stronger Illinois, and by working together we can continue to deliver lasting results for communities across the state.”
The Open Houses for 475 S Crea and 1920 N Edward St will take place on Sunday from 1:00-3:00 with Main Place Real Estate. Both homes are listed on MLS for sale. 475 S Crea is being listed at $125,000 and 1920 N Edward at $55,000. For more information on the City’s Down Payment Assistance program, please contact Aaron Eubanks at 217-424-2797. To be eligible for the City’s Down Payment Assistance program, people must take a homeownership class and be income qualified. The Community Investment Corporation of Decatur is offering these classes to support residents that want to access Decatur’s down payment program.
Mike Davis, Executive Director of CILBA, said “the sales proceeds from these homes get recycled into the next round of rehabs. The land bank should have another three rehabbed homes for sale in January. I am excited that the land bank is investing in rehabbing abandoned homes and improving the existing housing stock. This work does not happen without partners and I want to thank both the City of Decatur and IHDA for their support. I look forward to building more momentum for this rehab work in 2025.”
