Free Money For Upgrades?
I bought a 11-UNIT building in Freeport, IL. I believe it used to be a Small hospital/clinic back in the 1800 and early 1900s. Not sure if it is considered a LandMark since it is located in Downtown freeport.
I learned recently that the City Of Freeport has money(s) set aside for Land Marks, and also a separate program for "upgrades" to any property where the program picks up 75% of upgrade cost and the owner pays the other 25%. The main requirement is that the place must be rented to tenants with a income no greater than a specified one(I believe 25,000 anual income or less).
QUESTION-1: Has anyone received either a LandMark grant, or a bulding upgrade grant, and what was your experiences with it?...
QUESTION-2: Looking to apply for upgrade program so that Buldings heating system can be upgraded from wall mounted heaters in each apartment (Landlord pays heat), to a separately metered heating system to each apartment where tenant would pick up heating cost. Any suggestions or comments as to the intelligence behind this idea. I would think upgrading Heating system would bring operating costs down, and concequently making it a more attractive building to purchase to other investors...
Check with your city for available funds thru Community Block Grants for revitalization zones. These are provided at very low interest rates.
Good Luck,
Robert
[addsig]