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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 [email protected]
Tammy Hogan Schuler Bauer Real Estate Services 502-386-2493 [email protected]
Interested in Midtown?
