City of Coffeyville KS : Former Resident Investing in Coffeyville Housing

When former resident Peggy Steele returned to Coffeyville and saw the disrepair her grandmother's house was in, she was heartbroken. The house, located at 1119 West 9 Street, had been abandoned and was in major disrepair. While in Coffeyville to attend a class reunion she heard about the tax sale taking place, and her grandmother's house was listed.

'Looking back on that moment in time and seeing the address listed on the tax sale sheet became a call to action for me,' stated Peggy Steele in a memo she presented to the Coffeyville City Commission. Not only did Peggy purchase her grandmother's house, she purchased 16 additional properties at the tax sale, and five of those had houses on them. She has also purchased the property at 1118 W. 9 (pictured) which is where her parents were living when she was born.

Four of her 18 properties are on 9 Street which has recently been renovated to include a new street, curb and gutter and sidewalks. Her plan is to renovate the properties into moderate to market-rate income rental properties. Steele approached the City of Coffeyville about the Distressed Property Reinvestment Program, established in 2014, with the goal being to rehabilitate distressed housing in targeted neighborhoods. The program is set up to provide gap financing to cover $40,000 per housing unit. Loans can be partially forgiven, up to $10,000 per home, if specific requirements are met.

The Board of Commissioners unanimously approved the loan agreements for Steele's company, Baroness Properties, and renovation work will begin on the properties at 708, 908, 1118 and 1119 West 9 Street. Significant changes can already be seen in these areas as Peggy has organized a neighborhood cleanup effort with several other home owners along 9 Street.

Speaking to commissioners Peggy said, 'I am emotionally attached to these properties, this is my hometown.' Her company mission, changing the world, one street at a time, is beginning on 9 Street.