RICHMOND, Calif.--(BUSINESS WIRE)--Richmond Community Foundation:
Please join us:
When: Wednesday, January 27, 2016, 12:30pm
Where: 623 17th Street, Richmond, California
What: Walk-through of first property scheduled for rehabilitation
Who: Representatives of Richmond Community Foundation (RCF), Mechanics Bank, Turner Construction, and Home Depot
Richmond Community Foundation (RCF) has identified the first home to be rehabilitated with funds from its innovative Social Impact Bond (SIB) sales. The $3 million of bonds were purchased by Mechanics Bank, providing funding to acquire, rehabilitate and sell blighted homes throughout the city of Richmond, the first time SIBs have been used anywhere for this purpose.
Located at 623 17th Street in Richmond, this first home has been vacant for the past several years. RCF estimates it could be restored and ready for resale to a first time home buyer in as little as 12 weeks.
“This house was a blight on the neighborhood,” says Jim Becker, President and CEO of RCF. “But we’re ready to get to work to turn it into an appealing, energy-efficient, ‘like-new’ dwelling. It’s going to be a big benefit for the neighborhood and the city.”
The walk-through Wednesday will identify building materials to be purchased at Home Depot, which has agreed to provide preferred pricing for the project. It’s a good opportunity to get “before” photos of the project.
When completed, potential homebuyers who have graduated from the First Time Homebuyers Program offered by SparkPoint Contra Costa will have priority over all other purchasers.
Please join the project team for the walk-through and a first-hand description of how it will be renovated.