Tuesday, May 4, 2010

Cincinnati accepts $8.1M for foreclosure remediation

Projects to address the blighting influence of foreclosure and vacancy in four Cincinnati neighborhoods can begin, now that City Council has passed an ordinance accepting $8.1 million in Neighborhood Stabilization Program 2 funding.

The federal stimulus funding will be used to create 45 new and rehabilitated homeownership units in Avondale, 24 new and rehabilitated homeownership units in Northside, and 22 new and rehabilitated homeownership units in Evanston. Thirty-six rehabilitated rental units will be created in East Price Hill.

A total of 56 blighted structures will be demolished in the four neighborhoods.

The City was part of a consortium that included Hamilton County, the Cincinnati Metropolitan Housing Authority, Local Initiatives Support Corporation of Greater Cincinnati and Northern Kentucky, and the Model Group.

The consortium applied for $59.6 million in NSP2 funding disbursed by the U.S. Department of Housing and Urban Development. The consortium was awarded $24.1 million.

In the county, 241 rental units will be created in the communities of Golf Manor, Lincoln Heights, and Mount Healthy, in addition to 12 homeownership units. Twenty-six blighted properties will be razed.

Previous reading on BC:
Price Hill, City celebrate first NSP rehab and sale (4/21/10)
Cincinnati tax liens would help recover $607K in NSP funds (12/16/09)
Dohoney memo addresses resident ideas for stimulus spending (8/3/09)
Cincinnati creates accounts for HUD stabilization funds (5/28/09)
Neighborhood stabilization funding to be tweaked (5/13/09)