ALLENTOWN, Pa. - A new tool was announced Tuesday in Allentown to encourage landlords to reinvest in the city and in turn boost their property value.
The Community Action Committee of the Lehigh Valley and TD Bank paired up to provide a fund to improve rental properties in Allentown.
It will concentrate on the area northwest of the Neighborhood Improvement Zone in Center City.
Property owners who make improvements to the inside of the home can get matching funds to update the outside of the property.
"It's structured as a match. We are asking investors to make substantial investment on the interior of the properties and this can be anywhere up to $50,000 that will credit towards a match for the exterior," said Ellen Larmer, CACLV, Associate Executive Director for Community Development.
The 200 block of North Tenth Street is already on board improving eight properties.
TD bank is investing $450,000.