Goal 4: Improve Strategic Community Areas
First, as the physical core of the region, vitalization of Greater Downtown and the Brazos Riverfront deserves long-term investment. Second, the region’s underserved
commercial and residential neighborhoods are visible reminders of the economic challenges still faced by Greater Waco residents. Continued improvements in these two areas will trigger increased prosperity for the entire region.

Strategic community areas are those places within Greater Waco that impact the condition of the entire community. The Next Level Strategy focuses on three topics of critical importance to the future of economic and community development: the Brazos Riverfront, Greater Downtown, and underserved neighborhoods throughout the region.

The Brazos Riverfront and Greater Downtown Plan represents a significant leap
forward for the region. It is based on the “big idea” that hundreds of citizens and a team of nationally acclaimed planners could develop a visionary plan for the central business district and close-in commercial and residential neighborhoods that would attract half of McLennan County’s projected population and job growth through 2050.

The study area covers some 5,000 acres of land bordered by Highway 77 (La Salle Avenue), 17th/18th Streets, and Cameron Park. It encompasses downtown Waco, Baylor University, I-35, and the commercial and residential neighborhoods north and south of the Brazos River.

The Chamber was the initial advocate for the plan and has provided leadership with the City of Waco and other public and private sector leaders throughout the planning process. More than 350 residents have participated in the planning workshops. The community-wide acceptance of the Brazos Riverfront and Greater Downtown Plan is likely a result of the many positive changes that have occurred since the Chamber’s Challenge Greater Waco Strategic Plan included a commitment to revitalize strategic community areas as one of five major goals.

The Chamber’s $4.2 million “first green chamber building in America” became a
source of community pride and was followed by the Waco Town Square retail and residential development, the Heritage Quarters student housing complex, renovation of the Hilton Hotel, redeveloping the Roosevelt office building and many restaurant, retail and office improvements along Austin Avenue.

Between 2006 and 2009, $150 million in new construction occurred downtown, a $150 million bond package was passed to support City of Waco projects (many of which in the Brazos River Corridor), and the Chamber boldly established a goal for a “$1 billion decade” downtown.

Objective 1: Take a lead role in implementing the Brazos Riverfront and Greater Downtown Plan;

Objective 2: Market the Brazos Riverfront and Greater Downtown for businesses, visitors and residents;

Objective 3: Advocate for a 21st century streetcar line and other transit options to spur development downtown; and

Objective 4: Develop partnerships to improve declining commercial and residential neighborhoods.

NeighborWorks Waco
NeighborWorks Waco serves all of McLennan County by helping first-time homebuyers. The organization, which is part of a national organization, completed more than 10 homes in 2006 with 13 more under construction. The total construction investments year-to-date is $1.325 million.

The organization also offers credit counseling, pre- and post-purchase education, lending options and home building - selling 20 to 25 homes each year at market value to fund its other programs.

Waco Habitat for Humanity
Waco Habitat for Humanity was founded in 1986 as an affiliate of the international organization. Waco Habitat will celebrated its 20th anniversary with the construction of its 100th house last fall. The organization has partnered with more than 90 low-income families to help them attain affordable housing.

Rebuild Together
Rebuild Together is another non-profit organization that helps the low-income population make their homes livable. With only a minimal amount of federal funding, Rebuilding Together relies primarily on donated materials and volunteer labor.

Low-income homeowners can apply for home repairs through the program, and handicapped residents of all ages can have their home modified for wheel chair ramps, wider doors, grab bars and handrails, if they own their home.

City of Waco
The City of Waco also has implemented about 15 programs to encourage home ownership.

The seven-year fixed tax abatement program is available to exisging homeowners who invest $30,000 or more in improvements or new construction that appraises for $90,000 or more. The abatement equals about 5.5 percent savings making more homebuyers eligible for a mortgage loan or to qualify for a slightly larger home.

The city also encourages the purchase of tax-foreclosed infill lots within the city. The buyer pays the higher of $100 or the court costs, which are anywhere from $200 or $500. Most of these lots are worth $2,000 to $4,000. If a home is built on the lot, the City will waive permit and tap fees.

The foreclosure lots can only be purchased under this plan to build a home and not for investment purposes. Certain other restrictions may apply for the city’s programs. Visit Waco-Texas.com for more information.