At the May meeting, S-D board members gave preliminary consideration to a proposed revolving fund, to be used in buying, renovating, renting or selling, single family homes in the area.
The proposal calls for raising $25,000 to $35,000, which would supply twice that amount in credit leverage.
Funds would be used to purchase single family homes in our neighborhood, especially those being returned by default to government agencies.
A contractor would be hired to repair and renovate the homes, which would then be sold or rented on the open market.
The chief advantage of this plan to the neighborhood would be assurance that the homes were properly repaired and marketed by a responsible party, not patched and sold by real estate speculators. It is similar to efforts now being made by some individuals in the area.
Some board members felt that the Skinker-DeBaliviere Community Council did not have sufficient staff to manage such an operation efficiently.
Others thought the project could succeed as long as it was limited to single family homes.
The second week in May, S-D representatives met to discuss the plan with West End Townhouses, which does similar renovation on multiple family dwellings; and with Grace and Peace Fellowship, whose members have undertaken this kind of work in the neighborhood.
Originally published in The Paper, Summer 1974.
Read this article in the original newspaper issue.
Original source: SD_Times1974_06.pdf, printed page(s) 2.
