The Goal of the Neighborhood Initiative Program is to prevent foreclosures by stabilizing property values through the removal and greening of blighted properties in strategically targeted areas. NIP is a joint venture of the South Carolina State Housing Finance and Development Authority and the SC Housing Corp., a not-for-profit corporation. NIP is made possible by the U.S. Department of Treasury’s Hardest Hit Fund.
The award will facilitate the purchase and removal of approximately 100 blighted structures and will encourage improvement of the remaining parcels in the City’s most at-risk neighborhoods.
The City of Sumter and its partner, the Santee-Lynches Regional Development Corporation, were awarded $3.4 Million by the South Carolina State Housing Authority. The City signed an agreement with the SCHC and its partner organization on May 18, 2015. Funding must be expended by June 30, 2017.
Identified properties in the target area will be purchased and the existing blighted structures removed from the property. The property will be maintained by the City for a period of up to three years unless a redevelopment opportunity is recognized.
A maximum of $35,000 of NIP funding may be spent of each individual property through all phases of the process, including purchase, administration, demolition, and maintenance.
If you are interested in the program details or think your property may be a candidate for the program, please contact George McGregor at 803-774-1606 or email@example.com