Neighborhood Initiative Program

  • Neighborhood Initiative Program
On August 17, 2016, OHFA's Board of Directors approved an interest free line of credit program that land banks may apply for later this year. The line of credit may be used toward acquisition, demolition and greening of properties that are expected to be reimbursed under the Neighborhood Initiative Program. Details are forthcoming in the program guidelines.

The goal of the Neighborhood Initiative Program is to stabilize property values by removing and greening Vacant and Blighted properties in Targeted Areas in an effort to prevent future foreclosures for existing homeowners. NIP will prevent foreclosure by helping to stem the decline in home values that began with the burst of the housing bubble in 2008. In Ohio, 31 percent of homeowners with loans owe at least 125 percent more than their estimated home value When negative equity combines with other factors such as loss of income, the risk of foreclosure is high because homeowners do not have the option to sell a home they can no longer afford. Foreclosures result in distressed sales that further depress property values and continue the downward spiral, too often resulting in Vacant and Blighted homes. Demolition is a critical component of strategies to stabilize home values.


Request for Proposals – Neighborhood Initiative Program

The goal of the Neighborhood Initiative Program ("NIP") is to stabilize property values by removing and greening Vacant and Blighted properties in Targeted Areas in an effort to prevent future foreclosures for existing homeowners. Demolition is a critical component of strategies to stabilize home values. Please see the Neighborhood Initiative Program Guidelines for more detailed program rules and information.

The application should be submitted electronically in one pdf document. Only if necessary, maps and large attachments may be emailed separately. All narratives should be presented on 8.5 x 11 inch document in 12 point font. Please be concise and do not exceed to the page limits for each narrative section. Email the PDF file to NIP@ohiohome.org no later than 5:00pm (EST) on Friday, September 2, 2016.


Fact Sheets


Resources


Greater Ohio Policy Center

Greater Ohio Policy Center can advise applicants on the implementation of the Neighborhood Initiative Program (NIP). Assistance includes:

  • Consultation with applicants regarding best practices for the selection of neighborhoods and properties for the program
  • Strategic and technical advice to eligible applicants in responding to the RFP for the NIP

Learn more by visiting the Greater Ohio website: http://greaterohio.org.


Thriving Communities Institute

Thriving Communities works throughout Ohio to establish county land banks, facilitate the formation of their board of directors and assist them in developing policies and procedures that address the elimination of blight within their counties. Jim Rokakis has worked diligently to bring demolition funds to Ohio through the Moving Ohio Forward Program and the U.S. Treasury's release of Hardest Hit Fund dollars for demolition. Thriving Communities is positioned to assist county land banks in seeking and utilizing demolition funds and in repurposing properties post-demolition.


Forms


NIP Data Upload