INDIANAPOLIS – The Indiana Housing and Community Development Authority (IHCDA) joined Richmond officials today to watch a blighted property in Richmond, located in the Vaile neighborhood at 1006 South B St., be demolished as part of Indiana's Hardest Hit Fund Blight Elimination Program (BEP).
“Across our state, cities and towns continually strive to cultivate, transform and maintain their neighborhoods,” said Lt. Governor Ellspermann. “Indiana’s Blight Elimination Program supports these communities by removing abandoned properties that tax local resources, in an effort to help prevent avoidable foreclosures, improve property values and make way for fresh opportunities.”
Statewide, the program has made a total of $75 million in blight elimination funds available to reduce foreclosures through stabilization of residential property values. Today’s demolition is among the first from the total of $3.2 million allocated to the City of Richmond. These funds will be used to demolish, green and maintain blighted properties in Richmond.
Administered by IHCDA, the goal of the BEP is not just to demolish abandoned homes and improve the resulting lots, but ultimately prevent avoidable foreclosures and stabilize property values in Indiana communities.
“Indiana’s Blight Elimination Program is a helpful tool in the fight to prevent avoidable foreclosures,” said U.S. Treasury Deputy Assistant Secretary for Financial Stability Mark McArdle. “Through Indiana’s efforts, neighborhoods that have experienced the negative effects of vacant and blighted properties will soon see the benefit of these federal funds. We are proud to continue to work with Indiana in their efforts to revitalize and stabilize hard hit communities."
Richmond’s Vaile neighborhood has begun a major transformation. Located on the edge of the center city and boasting the city’s first park, the neighborhood has received nearly $10 million of investments. Many of the individuals who live in the neighborhood are long-time residents.”
“Richmond’s strength lies in its strong neighborhoods, and the excellent quality of life these communities provide,” said Mayor Sally Hutton. “Indiana’s Blight Elimination Program helps us protect our investments and demolish the vacant and abandoned properties that threaten our city.”
The property demolished today was chosen due to multiple issues, including numerous code violations dating back to 2004, relating to weeds/tall grass, poor exterior conditions, broken glass, crumbling foundation, awe well as a fire that took place in 2014.
The residence was last occupied in 2008. After today’s blight elimination activities, the property will be sold to neighbors.
The Blight Elimination Program provides local units of government in all 92 Indiana counties the opportunity to compete for funding to prevent avoidable foreclosures through the elimination of blighted and abandoned homes. The funds are drawn from the $221.7 million in Hardest Hit Funds allocated to Indiana. In February 2014, the U.S. Department of the Treasury approved the use of $75 million of Indiana’s Hardest Hit Funds by IHCDA for successful Blight Elimination Program applicants. The partnership between IHCDA and Treasury allows for funding to eliminate blighted properties and offer a variety of end uses for the newly cleared parcels, such as green space or redevelopment. All application deadlines have passed.
For more information on the Indiana’s Hardest Hit Fund Blight Elimination Program, visit www.877GetHope.org/blight.