SPRINGFIELD, Mass. (WWLP) - Springfield Mayor Domenic Sarno and the chief development officer have announced a $1.8 million blighted vacant property loan fund.  Blight costs hundreds of millions of dollars in reduced property value which decreases city tax value. According to the Mayor's Office, the goal is to strategically address blight to improve neighborhoods and businesses.  Arson fires set on multiple floors at former Vibra Hospital in Springfield The target areas for investment from the loan fund include the North End, Metro Center, South End, and Mason Square. Financing is available to public, private, and non-profit borrowers for eligible vacant properties. Applications can be found on the city's website. Mayor Sarno stated “The significant economic, social, environmental, and safety effects of blight make it a crucial issue for neighborhood recovery and for my administration. Neighborhood blight is a challenging problem. This revolving loan program is intended to be just one tool the Development Services Division will be using to assist neighborhoods to combat this important issue”. Chief Development Officer Sheehan said, “The Blight and Vacant Property Remediation Revolving Loan Fund intends to make flexible financing available to public, private, and non-profit borrowers for the remediation and/or redevelopment of eligible vacant properties such that these properties may be returned to productive use”. The Revolving Loan Fund can be used to finance environmental remediation, construction, site improvements, infrastructure development, and other site-related improvements necessary to return eligible properties to productive economic use. It has been well documented by researchers that environmentally blighted, vacant, or abandoned properties present a substantially increased risk to the public health and welfare of residents in the vicinity of such properties. Given the disproportionate impacts of vacant or abandoned properties on individuals within the community, it is paramount for the Revolving Loan Fund to address these properties particularly as the City recovers from the impacts of the COVID-19 pandemic.” Local News Headlines 38th annual “Hope for the Holidays” toy drive and motorcycle run held in Chicopee Berkshire County man allegedly shot and killed his sister Low-cost pet services thanks to Massachusetts “I’m animal friendly” license plate Massachusetts saw 1,200% increase in wildfires in October WWLP-22News, an NBC affiliate, began broadcasting in March 1953 to provide local news, network, syndicated, and local programming to western Massachusetts. Watch the 22News Digital Edition weekdays at 4 p.m. on WWLP.com.