Where a gift gives forever

Karl Markwardt’s house at 712 Plant Street in Utica has brought music to his ears more than once.

The first time was in 1997 when he purchased the attractive two-story property. He was excited about his new home, welcomed its proximity to his job and looked forward to the rental income it would generate from tenants on the first floor.

The second time came a few years later when piano music resonating from downstairs led him to inquire about its source. Not only did he meet the artist, he ended up marrying her. The opening notes of this two-part symphony were played in the spring of 1997 when Karl became the first new homeowner to benefit under GroWest’s Neighborhood Revitalization Project. The program helped him with the down payment and a mortgage.

At the time, he described the opportunity as sounding “too good to be true.” But after working with GroWest’s staff, any doubts quickly disappeared and he soon found himself in his new home.

Spearheaded by GroWest, Inc., the Neighborhood Revitalization Project was launched that same year to rejuvenate once thriving residential areas of Utica’s inner city. The program offers prospective homeowners various forms of assistance throughout the purchase process — even with repairs.

Investing Wisely

Two types of funding from The Community Foundation helped the program get underway: a $46,000 grant toward start-up expenses and a $254,000 contribution to the revolving loan fund that comprises the pool of capital GroWest uses for mortgages. The latter is what is known as a Program Related Investment in that it generates a return for The Foundation.

The Foundation partners with several community funders including the City of Utica, Munson-Williams-Proctor Arts Institute, several local banks, and state and federal sources in contributing to the mortgage pool. Since its inception the pool has been a resource for 51 qualifying homeowners, who have borrowed a total of nearly $394,000.

Through 2005, interest earned by The Foundation from its investments in the program had reached $64,500.

Grants from The Community Foundation have also enhanced other aspects of GroWest’s work. Two awards totaling $125,000 have supported the Ramps and Rails program, which has funded modifications making it possible for seniors to continue to live in their homes. Foundation support has also enabled GroWest to purchase new telephone equipment and build staff capacity.

The Foundation has made a total of six grants to GroWest since 1997, amounting to $248,620. This funding has been in addition to the mortgage pool contribution.

“The Community Foundation’s support has been instrumental in our work right from the beginning,” says GroWest Executive Director John Denelsbeck, Jr. “Early on it helped establish the framework that qualified us as a New York Preservation company. That was a turning point in our development. Ongoing, it has helped us carry out our mission, which is resulting in better lives and a better community not just for a day or a year, but for the long term.”