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 Real Estate Blog 
Monday, November 17 2008

Mayor Jonathan Weinzapfel is continuing with his efforts to revitalize downtown areas in Evansville. His aim is to salvage abandoned or foreclosed homes and make downtown Evansville a better place to live. New federal funds in the amount of $ 3.6 million dollars have been earmarked and are being made available under this new initiative.

We wish the major all the best with this important program.

Neighborhood Stabilization Program

Federal Dollars will soon be on the way to restore life back to some of Evansville's crumbling neighborhoods. The City received $3.6 million from the "Neighborhood Stabilization Program."

As early as this spring, expect to see more construction to salvaging abandoned or foreclosed homes, as well replacing old ones to restore life to once thriving historic Evansville neighborhoods.

New funds will help homes on the list for "Front Door Pride," the mayor's plan to revitalize Evansville Neighborhoods.

"We are required to spend the money in the areas of greatest need, based on certain criteria that HUD outlined for us. And those things are foreclosure rates, sub prime mortgage rates," says Jane Reel, Evansville Redevelopment Specialist.

With several projects already underway, the City plans to acquire and either reconstruct or tear down at least 75 more homes.

The result they're hoping for: "Sold" signs instead of "For Sale" signs.

"These areas have been in a state of decline for a number of years. We're hoping to turn some of these neighborhoods around, get the property values increasing instead of decreasing, and bring investment back to the areas," says Reel.

For that dream to become a reality: Evansville's Metropolitan Development Department will team up with local housing organizations.

"For too long the inner city has been neglected, there have been bits and pieces and small amounts of money here and there. This is the first time the city is taking a comprehensive approach to a certain neighborhood area," Thomas Poe, Hope of Evansville Executive Director.

That approach is what keeps contractor Bill Badger busy.

"Some of these houses we know have been foreclosed, a couple we know people have abandoned them, the city is jumping right in and calling the contractors to look to see if they need rehabbing or build a new one," says Badger.


Posted by: Rolando Trentini AT 08:44 am   |  Permalink   |  0 Comments  |  Email

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The Trentini Team
7820 Eagle Crest Bvd., Suite 200
Evansville, IN 47715
Office: (812) 479-0801
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