Marshall seeks applicants for Small Cities Development Program loans
MARSHALL — It’s been a long process, but Marshall homeowners and downtown commercial property owners now have a chance to receive grant funding to help fix up their property.
Representatives from United Community Action Partnership said applications are now available for Small Cities Development Program funding. Eligible property owners can receive loans for housing or commercial improvements.
UCAP held informational meetings Wednesday night for interested property owners.
Last summer, UCAP and the city of Marshall announced that they were awarded $603,750 in Small Cities Development Program grant funding for housing and business improvements. When the award was announced in July, UCAP Housing Director Jeff Gladis said the money was expected to help make possible almost $1.57 million worth of investment in the area around downtown Marshall.
The money available for local applicants comes from the SCDP, plus Minnesota Investment Funds, UCAP presenters said. A total of about $544,000 is available to rehab up to 21 single family homes, and a total of $490,000 is available for up to 14 commercial properties.
Presenters said applicants do have to meet certain criteria to receive funding. There are income guidelines for residential property owners, and both residential and commercial properties need to be within target areas of Marshall.
Target areas are different for residential and commercial properties. For commercial properties, the target area is mainly focused around West Main Street, with some additional properties on West College Drive.
Gladis said when UCAP surveyed downtown property owners, it had received some interest in applying for grant funding from those areas on West College Drive. But for the most part, he said, “The concern is on that core area in the oldest part of town.”
The target area for residential funding is larger, and covers an area mostly in the northern part of Marshall.
The funds property owners can receive come in the form of loans. Presenters said the funding breakdown for owner-occupied home rehabilitation has an 80/20 split, where 80 percent is covered by a deferred loan, and 20 percent is covered by the homeowner. Commercial properties can receive a 60 percent deferred loan, with a 30 percent owner match.
More information on the Small Cities Development Program grants in Marshall, as well as grant applications, is available through United Community Action Partnership.