WATERVILLE — The city has launched an effort to help nonprofit groups improve Waterville’s housing stock, support homeownership and strengthen neighborhoods by providing grants and loans totaling $475,000 .

Michael Hall, seen in this January 2023 photo, worked with the city of Waterville to launch the Waterville Empowering Affordable Living Through Ownership Fund, also known as WEALTH. Photo courtesy of Keith P. Luke

To apply for the Waterville Empowering Affordable Living Through Ownership Fund, also known as WEALTH, nonprofits can go to the city’s website. waterville-me.gov or email the city’s community development specialist, Michael Hall, at [email protected].

Hall said in a new release that the WEALTH Fund includes $375,000 in revolving loans available to nonprofit organizations working to rehabilitate, construct and sell homes to low-to-moderate income people. An additional $100,000 in grants is available to help nonprofit organizations complete renovation and repair work on behalf of eligible homeowners.

The WEALTH loan and grant program is funded by the money that the city had left thanks to funds granted to it under the American Rescue Plan Act. The city council approved using the money for housing initiatives.

The city launched the program to address the deterioration of residential properties in the city, with three goals, according to Hall: improving the housing stock by increasing the quality of housing options by rehabilitating aging and deteriorated residential properties; support homeownership by encouraging and assisting people with low to moderate incomes to become homeowners, which would contribute to long-term community stability; and improve neighborhoods by improving the overall quality of life by reducing blight and making neighborhoods more vibrant and welcoming.

“We are committed to improving our community by ensuring quality, affordable housing is available to our residents,” Hall said. “The WEALTH Fund is an important step in solving our housing problems and is a first of its kind for the City of Waterville. .”

Hall said Monday that the maximum amount a nonprofit can apply for under the revolving loan fund is $50,000 and the maximum grant amount anyone can apply for is $25,000.

He said the initiative launched Wednesday and the city had not received any applications Monday, but he is aware some nonprofits intend to apply.

“I know there’s a lot of interest,” he said.

The Waterville Housing Committee, which has completed its work, has long been exploring long-term housing initiatives, including a revolving loan fund. Over the past several years, the city’s council and ARPA advisory committee have identified more housing and housing improvements as the city’s top priorities.

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