Buyer sought for CDC's first flipped home


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Originally Posted Online: Oct. 03, 2012, 7:51 pm
Last Updated: Oct. 03, 2012, 10:20 pm
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By Dawn Neuses, dneuses@qconline.com

Moline Community Development Corp. is seeking a buyer for its first "flip" so it can further its efforts to stabalize neighborhoods and provide affordable housing to low- and moderate-income families.

The Phase I renovation is complete, and while more work is planned, the two-bedroom home at 4005 26th St., Moline, is for sale as-is for $54,500.

"This is an opportunity for a family to have a home, a family who may not otherwise have that opportunity," said CDC neighborhood liaison Jolene Keeney.

Created in 2008 to focus on neighborhood improvement and provide quality housing, it has raised funds for a new playground at Riverside Park and administered a fund helping people who have lost their jobs with mortgage payments.



While not a city organization, the CDC is supported by Moline. This spring, the city sold the abandoned home on 26th Avenue to the CDC for $1 and loaned it $30,000 for rehab work that included new windows, doors, electrical system and water pipes. Other work included bathroom and kitchen renovations, ceiling fan installations and painting.



CDC president Bill Steinhauser said many of the building materials were "recycled" and donated, such as the marble floor tile in the bathroom and kitchen and kitchen cupboards that St. Ambrose University salvaged from homes it demolished.

CDC board members have been hands-on. Last Sunday, they spent about two hours planting ornamental grasses, hostas and day lilies brought from their yards.

More work is planned, said Pat Burke, Moline's economic development manager. Phase 2 of the rehab includes a new roof, siding, a water heater and a furnace. Construction will be funded with $25,000 from the city's Homebuyers Assistance Program.

Before that work starts, however, the CDC wants to find a buyer who qualifies for the city's Homebuyers Assistance Program. Mr. Burke said that includes people who make no more than 80 percent of the area median income: $41,600 for a family of two or $58,500 for a family of three.

"The work impacts not only the structure but the neighborhood as a whole," said city planner Jeff Anderson. When one house in a neighborhood gets improved, neighbors often "ride the tide" and undertake projects, too, he said.

"People get excited and they have confidence to invest in their own property when they see others doing the same," Mr. Anderson said.

The city's loan to the CDC will be repaid from the home's sale proceeds, and money left over will go into its housing program. Mr. Steinhauser said the CDC's goal is to rehab up to four homes a year.

"We are recycling a house and recycling the profit so we can continue to reinvest in Moline," he said. "Our focus is to improve the quality of life in neighborhoods and for those who may be economically challenged."

For more details on the home, contact Mr. Burke at (309) 523-2034 or pburke@moline.il.us. The CDC also hopes to have it listed with Realtor Patty Casas later this week. She can be reached at (309) 230-0935.


























 



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