The City of Lansing is using $6 million from the federal government to invest in a Neighborhood Stabilization Program (NSP) that’s intended to redevelop neighborhoods hardest hit by the mortgage crisis.
“We have target areas and they have to be identified on a rate of foreclosure occurrence of sub-prime mortgages and the risk of foreclosure over the next 18 months,” says Lansing's director of Planning and Neighborhood Development, Bob Johnson.
The targeted areas include the following neighborhoods: Southwest Lansing, Vision 2020, Comstock Area, Prudden East Village, Oak Park, Urbandale, Baker Donora and Potter Walsh. The funds will allow the city to acquire, rehab and demolish homes in these areas. It will also allow the city to help with financial assistance.
Johnson says the City already had plans to address issues in five of the eight areas.
“This allows us to address them more quickly and helps us leverage existing resources,” he says.
The City of Lansing received the funds from the U.S. Department of Housing and Urban Development (HUD). The money is part of the $3.92 billion bailout the federal government gave to assist with housing and economic recovery.
For a detailed look at the City’s plans for each community, click here.
Source: Randy Hannan, City of Lansing
Ivy Hughes, development news editor, can be reached here.
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