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Community Foundation of the Ozarks pledging $600K amid Restore SGF efforts to strengthen Springfield neighborhoods

(ky3)
Published: Sep. 11, 2021 at 1:48 PM CDT
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SPRINGFIELD, Mo. (KY3) - Community Foundation of the Ozarks is pledging $600,000 for Restore SGF, a program that aims to restore several neighborhoods on the north side of Springfield.

CFO President Brian Fogle delivered the announcement Tuesday at a city council lunch meeting.

“I’m pleased to tell you that Community Foundation of the Ozarks is making a commitment of $600,000 to Restore SGF,” Fogle said. “We’re making a $500,000 program-related investment at 2.5% interest with maturity in seven years, which will be that ‘patient capital,’ that Restore SGF can use to buy homes and revitalize them, loan money at low interest rates. A $100,000 grant over five years will provide funding for staff to do the ‘mission work.’ We have several bankers here that we’ve been visiting with who are interested in investing in this initiative as well.”

Supporters of Restore SGF have asked the Springfield City Council for $1 million in American Rescue Plan Act funding to get the program off the ground. The goal is to provide a central resource for residential incentives and loan programs that will revive pockets of Springfield.

“We as a neighborhood and neighbors who want to maintain our neighborhood as a beautiful place to live and safe place to live, we’ve tried for so long, one house at a time. But this program will bring the help that we really need,” said north Springfield resident Becky Volz in a 2020 KY3 report.

According to a news release from the city, the Restore SGF program could be patterned after Invest DSM, a nonprofit with similar goals in Des Moines. Invest DSM has used neighborhood block grants and a homeowner renovation program to redevelop four pilot neighborhoods and strengthen the value of homes.

Restore SGF’s goals include reducing barriers to home ownership, enhancing Springfield’s housing stock and refurbishing older homes throughout north Springfield. The pilot neighborhoods include Midtown, West Central, Woodland Heights and Grant Beach.

For the latest developments with Restore SGF, CLICK HERE.

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