The document provides an overview of the Neighborhood Stabilization Program being implemented in the Midtown neighborhood of New Albany, Indiana. The program aims to redevelop up to 50 homes in the neighborhood to address issues such as vacant and foreclosed properties, low homeownership rates, and uneven housing quality. It has already acquired and begun construction on 32 properties. The goal is to transform Midtown into a neighborhood of choice through these redevelopment efforts and other neighborhood investments like parks and schools. Initial data shows improvements in home sales prices, reductions in vacant properties, and better block and property conditions as a result of the program.
2. 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
3. Our Purpose Tonight
• Overview of the project, Downtown and
neighborhoods
• Goal of the project
• Scope of the project
• Hammer Time
11. Neighborhood Stabilization
• Housing and Economic Recovery Act of 2008
• $3.92 billion to:
– Acquire
– Rehabilitate
– Demolish
– Redevelop
Foreclosed & Abandoned Properties
12.
13. 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!
14. 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
15. The Numbers
• Approximately 900 rooftops
• Home ownership rate - 44%
– Entire County - 73%
• Poverty - 15.68%
– Entire County – 6.9%
• Vacancy – 14%
– Entire County – 6%
16. 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
17. 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
23. 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
24. 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.