Roanoke Times
Copyright (c) 1995, Landmark Communications, Inc.
DATE: TUESDAY, June 15, 1993 TAG: 9306150315
SECTION: VIRGINIA PAGE: C-3 EDITION: METRO
SOURCE: JOEL TURNER STAFF WRITER
DATELINE: LENGTH: Medium
Council voted Monday night to provide an additional $85,000 in federal community development funds for the first-time buyer program for the rest of the fiscal year.
The program provides money to help low- and middle-income people buy a home. Federal funds are used to help cover the down payment and closing costs.
Dan Pollock, the city's housing development coordinator, said 66 first-time home buyers have benefitted from the program during the current fiscal year.
The city provides about $2,500 to $3,500 to each home buyer.
Pollock said more federal money is needed to help an additional 28 buyers who have qualified and are waiting to close on houses. Hesaid there are 41 other applications that are being processed.
Because community development funds are being used, there are income-eligibility standards, Pollock said.
The sale prices of the houses have ranged from $20,000 to $70,000. Pollock said most of the houses have sold for less than $55,000.
Bankers, real estate agents and home buyers urged council to provide more money so the program can continue. Pollock said it helps prevent more houses from becoming rental property.
Several families in public-housing projects have taken advantage of the program.
It makes people feel better about themselves, a real estate agent told council.
On a separate issue dealing with federal funds, council voted to seek $800,000 to help pay for landscaping and other aesthetic improvements to the planned realignment of Wells Avenue for the Hotel Roanoke project.
The city is eligible for funds under a new federal program that allows states and localities to use transportation money for innovative features such as landscaping and open space.
Roanoke will have to compete with cities and counties across the state for the money.
Virginia has been allocated $7.5 million for the next year under the Intermodal Surface Transportation Efficiency Act.
The city will also seek funds for the proposed pedestrian bridge over the Norfolk Southern tracks to link the Hotel Roanoke and the City Market.
City funds will be used to build the pedestrian bridge, but city officials said they could use federal funds to make the bridge more attractive.
A third project is a proposal to renovate Hotel Roanoke in a more historically accurate manner. The scope and timing of the hotel project will not be affected by the potential funds, but architects said the authenticity and quality of the historic restoration could be.
A fourth project is the proposal for covering the railroad engines and other exhibits that are stored outside at the Virginia Museum of Transportation. The museum has developed a $4 million plan for covering the exhibits in phases. The first phase will cost $669,000.
by CNB