Earlier this week, Secretary Donovan traveled to Independence, MO and along with Representative Emanuel Cleaver and Mayor Don Reimal highlighted the success of the Neighborhood Stabilization Program (NSP) and to see firsthand how the program has impacted Independence.
Norledge started out with only four properties, two rehabbed and two Habitat for Humanity homes. Thanks to HOME funds, the Norledge project grew to include the building of three additional homes. But the building didn’t stop there. NSP funds made it possible not only to construct two more homes but also to rehabilitate three others. Norledge is an example of how funds can be used to help a once-declining neighborhood transform itself into a thriving community with a positive outlook.
Secretary Donovan highlighted just how great of an impact NSP has had in Independence during a press conference.
“Instead of watching home prices fall by $5,000 to $10,000 simply because they live on a block with a foreclosure sign, home prices in the neighborhood are going up – selling for as much as 35 percent more.”
This is huge for families who have seen the value of their home fall!
NSP is only the beginning for the City of Independence and across the country. By now, I am certain you’ve heard of Project Rebuild which is a component of President Obama’s American Jobs Act. Project Rebuild will build upon and continue the revitalization efforts that NSP started in Independence and across the country. In the Kansas City area alone, Project Rebuild is set to create as many as 220 jobs and provide $17.3 million in funding to revitalize hard hit neighborhoods. In the State of Missouri, Project Rebuild will provide $77.9 million to revitalize neighborhoods while creating nearly 1,000 jobs.
Overall, Project Rebuild will put nearly 200,000 Americans back to work while stabilizing home prices in neighborhoods that have been hard hit by foreclosures.
Take a look and learn more for yourself. Visit HUD’s website to learn about Project Rebuild and just how great of an impact this will have across the country.