SPRINGFIELD – The city of Springfield hopes to boost development of vacant lots and blighted properties by giving builders a new financing option.
The city has created a $1.8 million fund that will provide loans to developers who need help cobbling together funding to revitalize problem properties, especially those in low-income areas.
Blighted and vacant properties are an eyesore that drag down property values and erode neighborhood housing markets. They can also pose safety and public health hazards and attract crime, Mayor Domenic J. Sarno said in announcing the program.
