FORT WAYNE, Ind. (WANE) Fort Wayne is hoping to redevelop 200 properties in the city using a $4.7 million award from an Indiana organization that works with local governments to help with vacant and abandoned homes, which can be serious problems for neighborhoods and homeowners.
Beside being eyesores, vacant and abandoned properties can affect the properties values of neighboring homes.
“This is great news as we continue to see unprecedented momentum in our City,” said Mayor Henry. “I want to congratulate our Community Development staff who worked so hard to put together a detailed application. This effort is all about stabilizing neighborhoods and increasing property values.”
Homes that are blighted and considered beyond repair will be demolished through the Indiana Foreclosure Prevention Network’s ‘Hardest Hit Fund – Blight Elimination Program.’
The Blight Elimination Program helps local government in all 92 Indiana counties. The counties compete for $75 million of funding to help eliminate blighted homes and decrease foreclosures.
Neighborhood associations will help decide what happens to properties after blighted homes are taken down. Some will be turned into green spaces and others may be available as spots for new homes or businesses.
Properties will be selected based on four criteria:
- In extremely poor condition
- Can be easily acquired
- Are on highly visible corridors
About 4,000 blighted or abandoned homes are expected to be demolished state-wide as part of the Blight Elimination Program.