The Moss Bradley Revolving Fund
In the fall of 1975, the concept for a Revolving Fund was presented to an open meeting of the Moss-Bradley Residential Association. At that meeting, eighteen families and individuals subscribed to the fund.
The purpose of the fund is to acquire properties in need of greater than normal repair. We then interview candidates wishing to buy these houses (which need lots of "do-it-yourself TLC") located in the Moss-Bradley area, at a favorable price. In this way, we are all helping improve our historical neighborhood by eliminating blighted properties. Our collective investment works to enhance the area and consequently elevates the value of all of our properties. We have acquired and resold over 25 properties to date.
We wish to interest newer residents - or established residents - in subscribing to our Fund. Past investors have made loan/gifts in amounts of $125 per unit, or $250, $500 and $1000. Each amount has been appreciated and used to the good of us all. As the cost of properties has risen over the past years, we are in need of more funds to handle the opportunities to improve our neighborhood. Your investment, if you wish it to be a loan, will return an annual interest check comparable to a regular savings account or higher. You may cash your stock in at any time you feel you need or want to.
We hold an annual meeting each January to keep our investors informed, elect board members and ask for direction from you, our neighbors and shareholders. This was the first such fund of its kind in the State of Illinois. Others have been modeled after ours. Let's keep our Fund strong for tomorrow! We need your support. Please join!
The Moss-Bradley Revolving Fund, a non-profit agency with the objective of providing incentives and opportunities for those investing in the West Bluff of Peoria, is offering a house for sale on reasonable terms, plus the availability of low interest renovation funds. The house is located in the Cottage District, a portion of the Moss-Bradley neighborhood, to a person, or persons, who will become a resident occupant of the property and make a commitment to its renovation and restoration.
This property has been purchased for the express purpose of resale to an interested candidate who agrees to become a resident owner and improve the property. The property will be sold on a warranty deed (contract for deed) basis with required improvements listed as a condition of sale. Once those conditions are met, and by the time the prospective owner usually has made many other improvements as well, the property then is put on a conventional mortgage. The higher appraisal minimizes or eliminates the cash required at this step to proceed to a conventional mortgage.
Persons applying to be considered to purchase the house will be interviewed to assure that they are familiar with the process and the improvements which will be required. Once the warranty deed is executed, the purchaser also becomes eligible to receive low interest renovation funds, also at reasonable terms.
The Moss-Bradley Revolving Fund | (309) 676-5311 or (309) 637-7528
