Small Cities Development Program Loan Fund
Guidelines
The City of Preston Economic Development Authority (EDA) will provide low interest, residential multi-family housing rehabilitation and commercial property rehabilitation loans to qualifying downtown building owners through the 274 loan fund. Loans will be made to sustain affordable housing in Preston, revitalize and strengthen the downtown for business expansion, job creation, provide affordable housing for low to moderate income families, and in some cases compliment Small Cities Block Grant Funding.
Program Purpose:
- To lend low interest funds to the existing commercial building owners, and/or multi-family property owners to rehabilitate affordable apartments and rehabilitate their commercial property.
- To lend low interest funds to improve energy efficiency and overhead costs.
- To repair and revitalize commercial property in the downtown area through exterior improvements and the correction of health and safety codes.
- When applicable, to compliment the Small Cities Block Grant application.
- To improve apartments in Preston for the purpose of job retention, workforce housing, business retention, expand businesses, and to encourage Preston’s landlords to improve the building’s overall livability.