NRSA (2012) is located in Downtown Jacksonville Vacant & dilapidated structures Fragile, threatened neighborhood High minority concentration Low income.

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Presentation transcript:

NRSA (2012) is located in Downtown Jacksonville Vacant & dilapidated structures Fragile, threatened neighborhood High minority concentration Low income and High Rental populations

90% Low to moderat e income 84% Rental 99% Minority Average age 54

Create visible impact in downtown Eliminate slum & blight conditions Increase Homeownership Opportunities

AcquisitionDemolitionReconstruction or Rehabilitation Down Payment Assistance

AcquisitionDemolitionReconstruction or Rehabilitation Down Payment Assistance

AcquisitionDemolitionReconstruction or Rehabilitation Down Payment Assistance

AcquisitionDemolitionReconstruction or Rehabilitation Down Payment Assistance

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

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

After demolition, the City owned vacant lot generated $0 revenue. Now the new constructed home is generating approximately $1,980 in tax revenue annually or $59,400 over 30 years.