Greenville City has received $2.1 million in Neighborhood Initiative Program funding from the SC State Housing Finance and Development Authority. The funds will be used to acquire vacant and blighted properties in the City’s Special Emphasis Neighborhoods.
The City has identified 120 properties that meet the program criteria, and is working with seven non-profit organizations to acquire property and demolish the dilapidated structures. The property will then be held for redevelopment.
The Neighborhood Initiative Program (NIP) is designed to stabilize property values and prevent future foreclosures for existing property owners in strategically targeted areas through the removal of blighted structures.
NIP will assist communities by acting as a catalyst to stimulate redevelopment and revitalization in areas suffering from blight and decline, stabilizing values and assisting in the the preservation of existing neighborhoods. NIP is a joint venture of the South Carolina State Housing Finance and Development Authority and the SC Housing Corp. (SCHC), a not-for-profit corporation. NIP is made possible by the U.S. Department of the Treasury.
The City of Greenville, along with seven partnering non-profit organizations, was awarded $2,146,767 in NIP funding. The seven partnering non-profit organizations will acquire properties containing vacant and blighted structures, demolish all structures on the property and restore the property through grading and seeding. Properties must be located in one of the City of Greenville’s Special Emphasis Neighborhoods. The maximum amount of funding allowed for each property is $35,000, including all acquisition, demolition and restoration costs. Properties acquired through this program will be redeveloped for affordable and workforce housing opportunities. All funds must be spent by June 30, 2017.
Please visit www.greenvillesc.gov for additional information.