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organizations to help launch neighborhood revitalization projects funded by $29
million in federal money, the city announced today.
Federal lawmakers approved the funds late last year to help neighborhoods
recover from the effects of widespread foreclosures. The city’s Redevelopment
Planning Council evaluated how and where the money should be spent before
choosing seven organizations from the more than 50 that submitted requests.
The groups selected: Concord Community Development Corp., Englewood Community
Development Corp., Greater Eastside Housing Project Team, Indianapolis
Neighborhood Housing Partnership, Mapleton Fall Creek Development Corp.,
Michigan B&O Reinvestment Team and Southeast Neighborhood Development Inc.
“We set out to determine which community partners were best suited to help us
transform entire sections of the city by making the most significant, immediate
and positive impact with these funds,” Mayor Greg Ballard said in a prepared
statement.
The partners will begin working with city staff and neighborhood stakeholders
to address such issues as acquisition, demolition, rehabilitation, new
construction, financing mechanisms and administration.
As homes are developed within the neighborhoods, INHP will help prepare
families for home ownership by providing education, mortgage and credit
counseling programs and financing options.
The money needs to be doled out within 18 months and spent within four years.
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