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It's Like Coming Home |
| Among the greatest resources we have in Downtown Wheaton is the mix of buildings and historic properties that abound here. The City of Wheaton, the Downtown Wheaton Association, and area financial institutions have developed three programs to help property owners and tenants pay for improvements to properties in Downtown Wheaton.
Façade Rehabilitation Grants Use of Funds Work which qualifies for reimbursement includes improvements to the exterior of the building, including painting, cleaning, tuck pointing, façade repair, window repair or replacement, signage and other permanent improvements consistent with the architectural integrity of the building or site. Other eligible uses include rear access renovation and landscaping. Funds may not be used for working capital or property acquisition, equipment or inventory acquisition, or refinancing of existing debt or refinancing of private funding. Eligibility The structure to be rehabilitated must be located in the Central Business District between West and Washington and Seminary and Illinois. The applicant must be the owner, mortgagor, contract purchaser, or long-term lessee including any private, public or non-profit entity providing goods and services to the general public. The exterior of the property must meet all City of Wheaton Building Codes. For more information contact Anne Wollensak, City of Wheaton Economic Development Department, 630/260-2018. Property Rehabilitation Loans This loan program is designed to assist property owners and tenants seeking to make renovation to properties in Downtown Wheaton. Loans may be made by participating area banks for $5,000 - $250,000, for a term not to exceed five years. Funds will be available at prime minus 1% for the first year and prime for the remainder of the term. The structure of the loan, underwriting and servicing is determined by the lender. Use of Funds Funds may be used to renovate the interior or exterior of an existing structure, bring a structure up to applicable building codes or expand an existing building. Funds may also be applied to new construction. This loan may be used in concert with a Rehabilitation Grant. All work must meet City of Wheaton Building codes. Funds may not be used for working capital, inventory acquisition or refinancing. Eligibility Structures located in the Central Business District between West and Washington and Illinois and Seminary Streets are eligible for this loan program. The applicant must be the owner, mortgagor, contract purchaser or long term lessee including any private, public or non-profit entity providing goods and services to the general public. This program is currently effective through October 1999. For more information, contact the participating lenders: Downtown Wheaton Property Rehabilitation Loan Program Participating Lenders Community Bank/ Wheaton - Glen Ellyn 357 Roosevelt Road Glen Ellyn, IL 60137 Tel: (630) 545-0900 Fax: (630) 545-0399 David S. Orr, Vice President West Suburban Bank 717 S. Westmore-Myers Road Lombard, IL 60148 Tel: (630) 628-4200 ext. 312 Fax: (630) 629-0279 Wheaton Bank & Trust 211 S. Wheaton Ave. Wheaton, IL 60187 Tel: (630) 690- 1800 Fax: (630) 690-1583 To request a detailed brochure on Funding Prorate Improvements in Downtown Wheaton, visit our guest book! |
Downtown Wheaton
Association 129 West Front St. Wheaton, IL 60187
(630) 682-0633