City of Evanston Blog
Evanston Receives $18 million in Neighborhood Stabilization Funds
The City of Evanston has received over $18 million in Neighborhood Stabilization Funds (NSP2) through the Federal Government's American Recovery and Reinvestment Act that will be used in a public/private partnership to help redevelop or create new construction to address the urgent issue of blighted and foreclosed properties. View grant application here.
The award of $18,150,000 in NSP2 funds will be used in targeted areas across two census tracts (west Evanston and south Evanston) that have been identified as areas of need because of high foreclosures and vacancies.
The City has proposed to purchase numerous properties that have either been foreclosed or are considered blighted. In turn, in conjunction with its private partner, Brinshore Development LLC, the properties would either be rehabilitated or demolished to create numerous affordable units for rental and resale. These activities will benefit households whose income is at or below 120% of the area median income, with 25 percent of the funds being used for households at or below 50 percent of area median income. The use of these NSP2 funds will help create housing market revitalization and employment in the targeted areas.
The list of all recipients nationwide can be found here (Word document).
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2 Comments
I agree that making these homes available to those earning 120 percent of the median income sets the bar too high. Taxpayers who live in modest apartments and wouldn't dream of asking the government for help will be supporting those who have no problem asking.
January 18, 2010 6:40 PM
This is great news. Hopefully the City will take to heart the new Affordable Housing Taskforce recommendations. Setting the bar at 120% of area median income is unfortunate since so much of the current vacant housing stock is affordable to householders at this level, but it is good to see some reserved for below 50%.
January 15, 2010 5:40 AM