INDIANAPOLIS - Lt. Governor Becky Skillman today announced a $6.75 million grant to the City of New Albany to revitalize the S. Ellen Jones Neighborhood. The city joins 23 other recipients who have received funding through the federal Neighborhood Stabilization Program (NSP).
"These funds have helped cities revitalize some of their most distressed neighborhoods," said Lt. Governor Skillman, who chairs the Indiana Housing and Community Development Authority (IHCDA). "New Albany plays an important part in Indiana's overall success, so we are pleased to be able to fund this project."
The cities will use these federal funds to leverage other resources for the acquisition, rehabilitation, demolition, and redevelopment of their proposed target areas.
IHCDA voted to release the funds for New Albany and two other cities during its November board meeting. The project was formally outlined today at a press conference at the Cardinal Ritter House, the birthplace of Cardinal Joseph Elmer Ritter, and a centerpiece of the S. Ellen Jones Neighborhood. Lt. Governor Skillman was joined at the announcement by State Rep. Ed Clere and Mayor Doug England.
Altogether the projects are projected to produce approximately 120 units of affordable housing. The funds will then revolve locally for further long-term revitalization efforts in the communities.
The City of New Albany will utilize their funds for the acquisition, rehabilitation, and resale of 40 units currently in foreclosure, abandoned or in disrepair. Twenty of those will be marketed and sold to first-time homebuyers including a priority to households at or below 50% Area Median Income (AMI). The city also plans to use NSP funds to construct 10 new homes for the area.
In June, 21 communities shared the first $50 million of NSP money. Details of that announcement can be found at http://www.in.gov/portal/news_events/39749.htm.
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The Indiana Housing and Community Development Authority (IHCDA), chaired by Lt. Governor Becky Skillman, creates housing opportunity, generates and preserves assets, and revitalizes neighborhoods by investing financial and technical resources in the development efforts of qualified partners throughout Indiana. IHCDA believes that growing Indiana's economy starts at home. For more information, go to http://www.ihcda.in.gov/. For updates from Lt. Governor Skillman and the agencies she oversees, please sign up at http://www.lg.in.gov/
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