JACKSON, Miss. – Historic homes in West Jackson will be restored to their original beauty through a federal program aimed at bringing historical neighborhoods back to life.
Called the WESToration Initiative, the program enables new or existing homeowners in West Jackson to apply for mortgage loans to finance properties and pay for renovation costs.
“West Jackson is rich in history,” said Kimberly Hilliard, director of Jackson State University’s Center for University-Based Development, which is promoting the project. “This was one of the early expansions of downtown. There are a significant number of historical properties from the late 19th
century to the early 20th century available for renovation.”
The program will kick off with an information session and neighborhood trolley tour from 9:30 to 10:30 a.m. Saturday, Nov. 13, starting at the Koinonia Coffee House, 136 S. Adams St. near the Metro Parkway in Jackson.
Participants will be eligible to win a dinner for two in Jackson.
The target area for restoration encompasses a collection of neighborhoods including Pecan Park, Alta Vista and Washington Addition and is bordered by Gallatin Street and Ellis Avenue from east to west and Capitol Street and
U.S. 80 from north to south.
The mortgage program, called 203(k), is administered by the Federal Housing Administration and is aimed at restoring and making older homes more energy efficient. To provide funds for the rehabilitation, the mortgage amount is based on the projected value of the property with the work completed.
The loans can be used for projects ranging from replacing windows to a gut renovation.
“We feel like this will not only save these historic structures, but attract new homeowners into this area,” Hilliard said. “This program is also geared to people who have an older home and want to fix it up.”
Hilliard said the neighborhood offers close-to-downtown living with the added benefit of having a yard and access to parks and plenty of public schools. Homeowners would also quickly build equity because the homes in the area are greatly undervalued, some selling for less than $10,000.
“We call them gems in waiting,” Hilliard said.
The program is a West Jackson initiative led by Cornerstone Home Lending and whose partners include the JSU Center for University-Based Development, Atmos Energy, Wright Concepts and Leah Sim Real Estate and Property Management.
Bo Smith of Cornerstone Home Lending said an application for a 203(k) mortgage requires an estimate from a licensed contractor for the work the loan will cover.
“We try to promote a transparent way about this,” he said. “We also try to streamline the process whether for refinancing or purchasing.”
Smith said the program allows for homeowners to live within their means while customizing their houses to their specific taste and lifestyle. Interest rates for the loans are currently between 4.5 and 4.75 percent.
“The sky is the limit for this,” he said. “If people could realize what they could do this to these houses, it could change the landscape of consideration of homes in West Jackson.”
To RSVP for the Nov. 13th workshop, call the JSU Center for University-Based Development at 601-979-2255.
Be the first to comment