The Borough of Pottstown has a seven year Economic Development
Strategic Plan. The plan provides a balanced program of projects and initiatives
to guide community revitalization efforts in the Borough.
It builds on
the initial plan developed in 2000 and continues many of its priorities. However,
it brings expansion of the business and employment base to the forefront of Pottstown's
revitalization strategy, in the belief that it represents the "engine" for
revitalization that will make possible further success in other key areas.
VIEW THE
ECONOMIC PLAN (PDF 20mb)
VIEW THE MAPS (PDF 5mb)
High homeownership rates, well-maintained homes,
and clean and safe streets are primary forces behind stable and attractive neighborhoods.
The initiatives
laid out below are intended to help Pottstown achieve the goals set out in the
Pottstown Economic Strategic Plan, including stabilizing the existing building
stock and tax base and improving the physical environment.
A forgivable loan program has been implemented known as the Homeownership
Initiative Program. |
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These photos show the potential of Architectural improvements, many which can
be made with the help of various financial incentive programs. |
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The goal of the Homeownership Initiative Program is
to attract additional home buyers to the Borough through provision of funds for
desired improvements such as: roof repairs, exterior painting, kitchen and bathroom
upgrades, etc. In addition we are working to reduce rental density by encouraging
the permanent removal of units from multi-unit buildings occupied by the homeowner.
These properties are also eligible as part of the forgivable loan program. The
details of the forgivable loan program is described on this page
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SINGLE RESIDENT HOMEOWNER INITIATIVE PROGRAM -
DETAILS
- Beginning July 1, 2008 on homes purchased on and after July 1, 2007, up to $10,000 forgivable loan to a new home buyer of a Single Residence dwelling in the Boundary Area.
Available only to new home buyers who occupy the home.
- Application must be submitted within one year of purchase of the home.
- Loan covers costs associated with repairs and upgrades to the exterior and
interior of the property (i.e.; windows, roof, fencing, flooring, plumbing, kitchen
and bathroom upgrades, HVAC).
- Loan will be distributed upon project
completion, inspection and approval
of construction invoices.
- Money will not be used toward down payment.
- Minimum property condition standards must be met.
- Contractor
and scope of work must be approved by Borough Code Enforcement Department.
- Construction must be completed within 180 days of closing of the loan.
- Application must be submitted within one year of purchase of the home.
Terms:
7 years at 0% interest loan
1/7 of loan forgiven each year
Upon re-sale of home, remaining balance of the loan must be repaid.
Upon conversion to a rental unit, remainder of loan must be repaid.
Homeowner must reside in the home.
Additional charges of $200 for subordinations and early termination will be charged.
Click
here for the Step-by-step application process and to view the Boundary Map |
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MULTI-UNIT
HOUSING - DETAILS
- Up to $45,000 forgivable loan for the removal of two units and up to $10,000
for each additional unit removed with a maximum of $55,000 for any one property.
Homeowners are eligible for up to $25,000 for the removal of one unit.
- Available to existing homeowners and new home buyers who occupy the home.
- Loan covers costs associated with repairs and conversion such as removal
of extra kitchens, stairwells, changes to room configurations, windows, plumbing,
flooring, etc.
- Loan will be distributed upon project completion, inspection and approval
of construction invoices.
- Money will not be used toward down payment.
- Minimum property condition standards must be met.
- Contractor and scope of
work must be approved by Borough Code Enforcement Department.
- Construction must be completed within 180 days of closing of the loan.
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Terms:
7 years at 0% interest loan
1/7 of loan forgiven each year
Upon re-sale of home, remaining balance of the loan must be repaid.
Upon conversion to a rental unit, remainder of loan must be repaid.
Homeowner must reside in the home.
Additional charges of $200 for subordinations and early termination
will be charged.
Click
here for the Step-by-step application process and to view the Boundary Map |
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