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Springfield, MO
Community Foundation of the Ozarks Inc. pledged $600,000 toward the city's Restore SGF homeownership and residential property renovation initiative.
The commitment, announced during Springfield City Council's Sept. 7 luncheon, comprises a $500,000 program-related investment at 2.5% interest with maturity in seven years and a $100,000 grant over five years, according to a news release.
"We have several bankers here that we’ve been visiting with who are interested in investing in this initiative, as well," said CFO President Brian Fogle, a founding organizer of Restore SGF, in the release.
Fogle said the $500,000 investment is "patient capital" that Restore SGF can use to purchase and revitalize homes, as well as loan money at low interest rates. The $100,000 grant would fund staff time, he said.
Additionally, organizers have asked council for $1 million in American Rescue Plan Act funding to help get the program off the ground, according to the release.
Restore SGF organizers are seeking to pattern the initiative after Invest DSM, a similar program representing a collaboration between Des Moines and Polk County, Iowa. Invest DSM Executive Director Amber Lynch presented at the Springfield council luncheon to answer questions about the Iowa nonprofit.
Restore SGF is initially targeting north-side neighborhoods, Springfield Business Journal previously reported. Launched officially in November 2020, organizers this year began pursuing the project more aggressively after a slowdown in progress brought on by the pandemic.
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