WATERVILLE — The city has launched an effort to help nonprofit groups improve housing stock, support home ownership and strengthen neighborhoods in Waterville by offering them grants and loans totaling $475,000.

Michael Hall, seen in this January 2023 photo, has worked with the City of Waterville to launch the Waterville Empowering Affordable Living Through Ownership Fund, also known as WEALTH. Photo courtesy of Keith P. Luke

To apply for the Waterville Empowering Affordable Living Through Ownership Fund, also known as WEALTH, nonprofits may go to the city’s website waterville-me.gov or email the city’s community development specialist, Michael Hall, at mhall@waterville-me.gov.

Hall said in a new release that the WEALTH Fund includes $375,000 in revolving loan money available to nonprofit organizations working on rehabilitating, constructing and selling homes to people with low-to-moderate incomes. Another $100,000 in grants is available to help nonprofits with renovation and repair work on behalf of homeowners who qualify.

The WEALTH loan and grant program is funded through money the city had left over from funds it was awarded as part of the American Rescue Plan Act. The City Council approved using the money for housing initiatives.

The city launched the program to address deteriorating residential properties in the city, with three goals, according to Hall: Improving the housing stock by rehabilitating aging and deteriorating residential properties; supporting home ownership by encouraging and helping those with low-to-moderate incomes in the process of buying a home, thereby contributing to long-term community stability; and improving neighborhoods by reducing blight and making neighborhoods more vibrant and welcoming.

“We are committed to improving our community by ensuring that quality, affordable housing is available to our residents,” Hall said. “The WEALTH Fund is an important step in addressing our housing issues and is a first of its kind for the City of Waterville.”

Hall said Monday that the maximum amount a nonprofit may apply for as part of the revolving loan fund is $50,000, and the maximum grant amount each may apply for is $25,000.

He said the initiative was launched Wednesday and the city as of Monday had not received any applications, but he is aware of some nonprofit organizations that intend to apply.

“I know that there’s a lot of interest,” he said.

The Waterville Housing Committee, which has completed its work, had long explored long-term housing initiatives, including a revolving loan fund. Over the past few years, the council and city’s ARPA Advisory Committee identified more housing and improved housing as top priorities for the city.