Neighborhood Stabilization Program Revitalizing Greenville Neighborhoods
Blog News | Posted: 07.11.11
Since 2009, the Greenville Housing Fund’s Land Bank has purchased 15 homes that had recently gone through foreclosure. Operating mainly in Pleasant Valley and Nicholtown neighborhoods, the overall strategy of the Land Bank is to either renovate foreclosed homes or tear them down in order to redevelop. Five houses have already been demolished, and six more will soon be tore down. In their places, new houses will be developed in 2012. The renovated homes will be marketed with both sale and lease-purchase options for buyers. These homes will be utilized as an affordable housing option for people who are at or below 80% of the median income.
The Land Bank’s funds come from Neighborhood Stabilization Program (NSP) funds and the Hollingsworth Fund. The Neighborhood Stabilization Program was authorized under the American Recovery and Reinvestment Act of 2009, providing grants to local and state governments and non-profit organizations. The U.S. Department of Housing and Urban Development distributes these funds in order to stabilize communities that are facing the negative impacts of the housing crisis through significant increases in foreclosed and abandoned properties.
The purchase and redevelopment of abandoned and foreclosed homes allows the Greenville Housing Fund to address the increase in forecloses and help reduce their negative impact on Greenville area neighborhoods. Take a look at some of the Land Bank’s recently renovated homes below or in the Homes for Sale section of the Greenville Housing Fund webpage.
