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17Jul

Reading City Council to Consider Ordinance for Housing Funds

Mayor Wally Scott’s administration has asked City Council to consider an ordinance that would make sure funds set aside for improvements to the city’s housing stock don’t vanish in the fog of budget wars.

City Managing Director W. Glenn Steckman III said that the proposed City Residential Housing Improvements Grant and Loan Fund will capture funds earmarked for specific structural improvements to city residences.

At present, almost $1.4 million is designated for improvements to properties in danger of becoming blighted through grants and low-interest loans to homeowners willing to invest in their properties.

In the past, Steckman said, funds designated for such improvements that were not spent by year’s end were absorbed into the city’s general fund.

Once there, it was more likely that the funds would be diverted for another use, especially if an emergency or other special need arose.

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