IUS NSP Presentation draft

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

Our Purpose Tonight

• Overview of the project, Downtown and neighborhoods

• Goal of the project• Scope of the project• Hammer Time

Rebirth of DowntownNew Albany

New Albany Farmers Market

New Albany Riverfront Amphitheater

Ohio River Greenway

Midtown Renaissance

Neighborhood Stabilization

• Housing and Economic Recovery Act of 2008• $3.92 billion to:

– Acquire– Rehabilitate– Demolish– Redevelop

Foreclosed & Abandoned Properties

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!

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

The Numbers• Approximately 900 rooftops• Home ownership rate - 44%

– Entire County - 73%

• Poverty - 15.68%– Entire County – 6.9%

• Vacancy – 14%– Entire County – 6%

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

Project GoalMidtown 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

Dramatic Transformations

Neighborhood Amenities

Walkable Schools – Elementary, Middle, High School

Ritter Park - A Park in Use

2 Local Historic Districts

Cedar Bough PlaceEast Spring Street

Cardinal Ritter Birthplace

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

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.

Questions?

Paul Kiger RE/MAX Advantage 502-314-6748 PaulKigerHomes@gmail.com

Tammy Hogan Schuler Bauer Real Estate Services 502-386-2493 tammyhogan@schulerbauer.com

Interested in Midtown?