Waterville City Council Chairwoman Rebecca Green, D-Ward 4, presides over a meeting in April. Green, who also chaired the city’s housing committee, says three new programs will help low- and moderate-income residents who are struggling with home upkeep. “We were trying to find something that would fill the gaps so people could stay in their homes.” Morning Sentinel file

WATERVILLE — Three years of intensive work by the Waterville Housing Committee has resulted in new programs to help low- and moderate-income families acquire housing and help such homeowners make needed repairs.

Three programs, recommended by the Waterville Housing Committee, are part of the effort: A WEALTH revolving loan fund in the amount of $400,000; $125,000 in grants for home ownership repair; and $25,000 for a strategic initiative fund. The intent is to improve Waterville’s housing stock, increase home ownership and improve neighborhoods.

The City Council has allocated to the effort $500,000 from the federal American Rescue Plan Act, or ARPA, passed in 2021 as part of the recovery from the pandemic.

The WEALTH, or Waterville Empowering Affordable Living Through Home Ownership, revolving loan fund was developed by the Housing Committee and would loan up to $50,000 at a below-market interest rate to nonprofits working to rehabilitate, construct and sell homes to people of low to moderate income. The hope is to increase owner-occupied home ownership and lead to revitalization of the city’s most vulnerable neighborhoods.

The WEALTH grant program would allot funding to nonprofits that engage in providing home repair for homeowners who qualify.

The Strategic Initiative Fund would be used to target future needs for housing, including but not limited to professionally facilitated workshops and a strategic plan and or initiatives to guide future housing policies.

Council Chairwoman Rebecca Green, D-Ward 4, launched the Housing Committee three years ago and was its chairwoman. The committee recently ended its work.

Green said the committee recommended the three-tiered program after working intensely for the last eight months to seek ways to help both new and existing homeowners who may be on a fixed income to repair their homes.

“That also helps Waterville’s housing stock and a lot of that funding can be matched with other funding,” Green said Tuesday. “We were trying to find something that would fill the gaps so people could stay in their homes and make repairs having to do with life safety issues, and help nonprofits try to create more affordable housing.”

The council must take one more vote on the matter at its Sept. 4 meeting because officials learned after the vote that the total ARPA money available is $500,000, not $550,000 as original believed, according to Green. She said the proposal to go before the council will likely ask for $400,000 for the revolving loan fund and $100,000 for the grant fund. Money for the strategic Initiative Fund will be sought elsewhere, she said.

“The beautiful thing about the revolving loan fund is that it will keep growing and is not one-time funding,” Green said. “It’s a loan. It comes back, with a small amount of interest that will come back to the city.”

Green said the city wants to get the word out to people that the funding exists for nonprofits to help them with housing and repairs.

Michael Hall, the city’s community development specialist, said Tuesday that the city will draft an application and get it out as soon as possible to nonprofits seeking funds for housing initiatives. Completed applications would be returned to his office.

“I’d review them and the council would have the ultimate say,” Hall said.

The housing programs are unique, according to Hall.

“I think it’s going to do a lot of good,” he said. “It’s all about building generational wealth for people that are generally left behind in this kind of market.”