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This presentation provides details on best practices for implementing the Neighborhood Initiative Program guidelines.
Overview of the Neighborhood Initiative Program:
The Ohio Finance Agency (OHFA) received approval from the U.S. Department of the Treasury to utilize up to $60 million of Ohio’s remaining Hardest Hit Funds (HHF) to assist with stabilizing local property values through the demolition of vacant and abandoned homes across Ohio.
The Neighborhood Initiative Program (NIP) is designed to stabilize property values by removing and greening vacant and abandoned properties in targeted areas in an effort to prevent future foreclosures for existing homeowners.
The Neighborhood Initiative Program (NIP) will fund strategically targeted residential demolition in designated areas within the state of Ohio. OHFA will partner with County Land Revitalization Corporations (“land banks”) or an entity that has signed a cooperative agreement with an established county land bank.
- NIP will be available to the 17 Ohio counties that have an established land bank.
- OHFA has issued a Request for Proposals from the state’s county land banks.
- The program commences in early 2014 and will conclude in 2017.
OHFA has contracted GOPC to advise OHFA and applicants on the implementation of the Neighborhood Initiative Program (NIP).
1. Consultation with applicants regarding best practices for the selection of neighborhoods and properties for the program
2. Strategic and technical advice to eligible applicants in responding to the RFP for the NIP