Ascentra Credit Union has donated $25,000 to Rejuvenate Housing, Inc. to assist in its renovation of a century-old home on Davenport’s Gaines Street corridor.
The Bettendorf-based Ascentra announced the contribution in a news release Wednesday, Sept. 13.
Rejuvenate Housing is a local nonprofit organization whose mission is to rejuvenate neighborhoods and create home ownership opportunities that promote the health and welfare of the community. It identifies and acquires residential properties that can be restored as quality single-family homes and secures financing to renovate properties as well as qualified buyers.
“When Gwen (Tombergs) from the Rejuvenate Housing board of directors presented us with this unique opportunity, we quickly realized it was a perfect alignment with our mission to support and help underserved areas in our community,” Ascentra President and CEO Linda Andry said in the release.
“Helping to restore neighborhoods to their former glory is important to the future revitalization and health of our towns and cities,” she add.
Project part of DREAM
Rejuvenate Housing’s latest project home has sat vacant for several months and been cited for severe code violations making it eligible for Davenport’s Extreme DREAM program. This program is designed to rehab vacant and abandoned homes into owner-occupied residences along the Gaines Street Corridor. The city program also offers a dollar-for-dollar match up to $100,000 for qualifying expenses.
Rejuvenate Housing purchased the house at 527 W. 15th St. for $58,000 and plans to convert the two-apartment, two-story house into a single-family dwelling. Plans include a complete renovation with new materials and furnishings while keeping its period character with antique trim and casing.
“This house is structurally sound but in need of major updates and repairs,” Scott Dahlke, Rejuvenate executive director, added in the release. “Through the Extreme DREAM program, the generous donation from Ascentra and a grant from the Scott County Regional Authority through the Quad Cities Housing Cluster, it’s financially feasible to make this house into a valuable asset for a family and the neighborhood – a win-win situation.”
The nonprofit intends to sell the house to a family who falls within low to median income levels, which is an annual income of less than $70,000 for a family of four.
