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Comprehensive Plan, City of Paris, Texas Future Land Use The factors may be inventoried initially to set a benchmark of conditions in each neighborhood. The factors are then updated periodically, such as semi-annually, to track changes in conditions. Financing Opportunities The City should consider coordinating with a local bank to provide low-interest loans to assist in financing home improvements. One such program operates as follows: The Neiahborhood Improvement Program is titled Growing Together, providing low interest loans for home improvements. This is a public/private partnership between the City and a local bank. Eligible home improvements include: painting, siding, fence repair, deck repair or replacement, screened porch repair, replacement of garage doors, replacement of storm doors, replacement of storm windows, roofing, driveway, sidewalks, shutters/ awnings, guttering, repair of windows, retaining walls, porch repair. The City appropriated money, in this case $50,000, toward the interest on home improvement loans for local residents, bringing down the interest rates to a low six percent. For a particular home improvement project to be approved, the improvement must be visual and be of beneficial impact to the neighborhood, including siding, porches, landscaping, driveways and sidewalks. The loan does not cover any interior improvements that are not visible from the street or sidewalk. The reason for doing this is to promote the property improvements by providing a visual display of neighborhood investment, hopefully encouraging more homeowners to make improvements to their properties. Should the City of Paris seek a TDHCA grant, then the city would need only to appropriate a local match of the granted funds. Infill and Redevelopment Activities The City of Paris may consider establishing a Local Development Corporation, create a public/private partnership and a T.I.F. district to remove deteriorated housing and construct a senior assisted living center. This City may create a T.I.F. district to remove deteriorating housing and create a commercial center. Other strategies are summarized below: Renovation of Existing Multifamily Housing For Reuse Developers have succeeded in renovating multifamily housing complexes at lower costs that new construction. In one such example, a real estate company acquired 20- to 30-year old multifamily housing complexes for renovation at a cost of $10,000 to $15,000 per unit. Initial acquisition is between $40,000 and $50,000 per unit. The result is an investment of $50,000 to $65,000 per unit, compared to new construction costs of $50,000 to $75,000 per unit. S:\98288\WPC1f'mal rcport 2-01.Ja: 58 BWR