Successful Strategy: A City on the Move

Advances in Neighborhoods, Housing and Retail

The LDFC broadened its scope of incentives by forming strategic partnerships and shaping innovative financial strategies to address neighborhood and housing issues. In 1989, in partnership with twelve local and regional banks, the LDFC created the First Mortgage Loan Pool Program in the amount of $15 million. These funds supplied by the banks and administered by the LDFC were used for the restoration of 286 units of the North Canal Housing Development and the former Elias Tobacco Building on upper Merrimack Street.

     In 1992, the LDFC established the Down Payment Assistance Program in partnership with the Merrimack Valley Housing Partnership. Funds from this program provide down-payment assistance to first-time homebuyers who purchase homes in Lowell.

     Our most ambitious effort to date in housing is the creation of a loan pool funded by local banks for the reinvention of the Julian Steele housing development now known as River’s Edge on the Concord. The reinvention will result in the construction of 90 single and 45 two-family homes that will provide homeownership opportunities for low- and moderate-income families.

     The Downtown Venture Fund, an incentive loan program, was created in connection with the City, nine lending institutions and the Life Initiative to stimulate downtown retail and restaurant growth. Entrepreneurs may use the loan funds to open businesses that are value-added improvements to the downtown retail district.