Introductions
• Carl Malysz – Deputy Mayor, Director of
Community Development, City of New Albany
• Susan Kaempfer – Neigh...
Our Purpose Tonight
• Overview of the project, Downtown and
neighborhoods
• Goal of the project
• Scope of the project
• H...
Rebirth of
Downtown
New Albany
New Albany Farmers Market
New Albany Riverfront
Amphitheater
Ohio River
Greenway
Midtown Renaissance
Neighborhood Stabilization
• Housing and Economic Recovery Act of 2008
• $3.92 billion to:
– Acquire
– Rehabilitate
– Demo...
Overview
• Restoration, Rehabilitation and/or New
Construction of up to 50 homes
• $6.7 million - $5.2 million for acquisi...
Why Midtown?
• Foreclosures in
progress as of May
2010
• Locally - Foreclosures
of over-extended
investors, marginal
buyer...
The Numbers
• Approximately 900 rooftops
• Home ownership rate - 44%
– Entire County - 73%
• Poverty - 15.68%
– Entire Cou...
What’s Not Working?
• Uneven housing quality
• Sporadic graffiti problems
• Perception of a crime problem
• Vacant homes, ...
Project Goal
Midtown Renaissance
• Redevelop the Midtown Neighborhood of
New Albany into a Neighborhood of Choice.
–A plac...
Dramatic Transformations
Neighborhood Amenities
Walkable Schools – Elementary,
Middle, High School
Ritter Park - A Park in Use
2 Local
Historic
Districts
Cedar Bough Place
East Spring Street
Cardinal Ritter Birthplace
Measurements of Success
• Average Sales Price
– $37,100 as of 9/30
• Elimination of vacant/abandoned properties
– March 31...
Building Confidence, Building Demand
- The Buyers
• Millennials: Young households who choose to
live in neighborhoods that...
Questions?
Paul Kiger
RE/MAX Advantage
502-314-6748
PaulKigerHomes@gmail.com
Tammy Hogan
Schuler Bauer Real Estate Service...
IUS NSP Presentation draft
IUS NSP Presentation draft
IUS NSP Presentation draft
IUS NSP Presentation draft
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IUS NSP Presentation draft

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IUS NSP Presentation draft

  1. 1. Introductions • Carl Malysz – Deputy Mayor, Director of Community Development, City of New Albany • Susan Kaempfer – Neighborhood Stabilization Program Manager, City of New Albany • Ted Fulmore – Community and NSP Coordinator, New Directions Housing Corporation
  2. 2. Our Purpose Tonight • Overview of the project, Downtown and neighborhoods • Goal of the project • Scope of the project • Hammer Time
  3. 3. Rebirth of Downtown New Albany
  4. 4. New Albany Farmers Market
  5. 5. New Albany Riverfront Amphitheater
  6. 6. Ohio River Greenway
  7. 7. Midtown Renaissance
  8. 8. Neighborhood Stabilization • Housing and Economic Recovery Act of 2008 • $3.92 billion to: – Acquire – Rehabilitate – Demolish – Redevelop Foreclosed & Abandoned Properties
  9. 9. Overview • Restoration, Rehabilitation and/or New Construction of up to 50 homes • $6.7 million - $5.2 million for acquisition and construction • Round 1 – 32 Properties A Neighborhood Renaissance!
  10. 10. Why Midtown? • Foreclosures in progress as of May 2010 • Locally - Foreclosures of over-extended investors, marginal buyers • Midtown classified by HUD as a “high risk” foreclosure area
  11. 11. The Numbers • Approximately 900 rooftops • Home ownership rate - 44% – Entire County - 73% • Poverty - 15.68% – Entire County – 6.9% • Vacancy – 14% – Entire County – 6%
  12. 12. What’s Not Working? • Uneven housing quality • Sporadic graffiti problems • Perception of a crime problem • Vacant homes, foreclosed homes • Low homeownership rate – Contributes to high mobility in neighborhood school
  13. 13. Project Goal Midtown Renaissance • Redevelop the Midtown Neighborhood of New Albany into a Neighborhood of Choice. –A place where it makes economic sense for people to invest time, money and energy – Appreciating home values, improving building conditions, declining vacancy rates and increasing rates of owner-occupancy
  14. 14. Dramatic Transformations
  15. 15. Neighborhood Amenities Walkable Schools – Elementary, Middle, High School
  16. 16. Ritter Park - A Park in Use
  17. 17. 2 Local Historic Districts Cedar Bough Place East Spring Street
  18. 18. Cardinal Ritter Birthplace
  19. 19. Measurements of Success • Average Sales Price – $37,100 as of 9/30 • Elimination of vacant/abandoned properties – March 31 = 91 – September 30 = 88 • Block Conditions, Property Conditions Improved Build Confidence
  20. 20. Building Confidence, Building Demand - The Buyers • Millennials: Young households who choose to live in neighborhoods that contain a diverse mix of people, housing types and uses. • Historic home aficionados: Buyers who want historic character and want “turn-key” quality. • Empty Nesters: Buyers looking to downsize and be close to amenities.
  21. 21. Questions? Paul Kiger RE/MAX Advantage 502-314-6748 PaulKigerHomes@gmail.com Tammy Hogan Schuler Bauer Real Estate Services 502-386-2493 tammyhogan@schulerbauer.com Interested in Midtown?
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