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Downtown Housing Initiative

Downtown Housing Initiative. 2014 Audrey Nelson Community Development Achievement Awards January 24, 2014. Background. Located in Downtown Jacksonville Vacant & dilapidated structures Fragile, threatened neighborhood Minority concentration Low income population High rental population.

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Downtown Housing Initiative

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  1. Downtown Housing Initiative 2014 Audrey Nelson Community Development Achievement Awards January 24, 2014

  2. Background • Located in Downtown Jacksonville • Vacant & dilapidated structures • Fragile, threatened neighborhood • Minority concentration • Low income population • High rental population

  3. Statistics • 90% Low to moderate income • 84% Rental • 99% African American • 54 Average age

  4. Vision • Create visible impact in downtown • Eliminate slum & blight conditions • Increase Homeownership Opportunities

  5. Acquisition

  6. Demolition

  7. Reconstruction

  8. Rehabilitation

  9. Down Payment Assistance

  10. Public & Private Partnerships • Allow private sector to construct on Community Development lots • North Carolina Housing Finance Agency - Down payment assistance • Cross-Departmental Collaboration with Streets, Fire and Police • Leveraging - 2:1

  11. Homeownership Incentives • Down payment assistance is available • Value of lots = homebuyer equity • Own home less than 5 yrs lot value is returned to City • Own home 6-10 years owner assumes 20% lot value yearly • Own home over 10 years, owner assumes 100% lot value • Program available for owner occupants only

  12. Before After

  13. Before After

  14. Before After

  15. After

  16. After

  17. After

  18. City Seal Slide Slide #20

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