WEALTH Grant Program

Waterville Empowering Affordable Living Through Homeownership (WEALTH) Grant Program

The City of Waterville has created a grant program directed at rehabilitating deteriorated residential properties. The City’s goals with this program are to: 

  1. Improve Waterville’s housing stock. 
  2. Support home ownership.
  3. Improve its neighborhoods. 

Apportionment: 

The WEALTH Program will be apportioned in the following manner:

  • $100,000 in grant funding for nonprofit organizations to undertake renovation/repair work on behalf of qualifying Waterville homeowners. 

Eligibility:

  • Nonprofit organizations with missions to provide home repair to LMI individuals/families making 100% or less of the area median income (HUD definitions apply). 

Approved Projects: 

  • Project work shall include exterior improvements to owner-occupied residences such as new siding or paint, roof replacement, windows, as well as interior improvements such as insulation, electrical, mechanical, plumbing, HVAC, and other life safety and accessibility needs.

Grant Amt: The maximum loan amount is $25,000 per project.

Application Materials Required: 

  1. Completed application
  2. Current financial statement
  3. Evidence of property ownership and assessed value
  4. Scope of work and itemization of expenses.

Approval: 

Applications for WEALTH grant funding will be received and reviewed by the Community Development Office to determine whether the projects meet the eligibility criteria. Accepted applications will then be forwarded to City Council for a formal vote of approval, at which point, the Community Development Office will inform the Finance Director to disperse funds, accordingly. 

Other WEALTH Grant Guidelines: 

  1. Grants will be city wide with preference given to neighborhoods with high concentrations of LMI populations, particularly Census Tracts 241.01 and 241.02. A scoring mechanism will apply to all applications and be made available to any nonprofits wishing to access funds.
  2. Any admin costs associated with grant disbursement must be clearly stated in the application. Recommended Limit of 3-5%
  3. Any grantee organizations must report on use of funds within 30 days of project completion. All projects must be completed within 1 year of disbursement.
  4. City Council reserves the right to waive any grant requirements on a case-by-case basis.

For any questions, please contact Michael Hall.

Click here to apply for the WEALTH Grant Program.