Here's a story that slipped beneath the community's radar screen last week, and understandably so given the Floyd County shooting tragedy. Even the masquerading professor Erika -- batting well below the Mendoza line on the steadily fading regressive team -- failed to pick up on the story, perhaps because it provides no opportunity to exalt her handler.
Here is an excerpt from New Albany's Linden Meadows wins court decision, by Eric Scott Campbell (News and Tribune).
The state Court of Appeals has sided with New Albany Community Housing in a group of residents’ challenge to the location of the Linden Meadows development.
Friday’s decision allows the nonprofit to accelerate renovation and marketing of 17 donated houses that were moved onto the former McLean Field more than two years ago.
Construction delays cost the project $100,000 to $200,000 that must be passed on to prospective buyers, said John Miller, executive director of the housing group. Rather than selling homes for $15,000 to $20,000 below appraised value, the discounts will be closer to $10,000, he estimated.
“Instead of being a very, very good deal, it’s just a good deal,” Miller said. “It’s just unfortunate that it took so long to grind through the legal system.”
For more information, visit the blogsite of New Albany Community Housing.
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And the best part of the Linden Meadows project is the free federal money it leverages. The first house in the Linden Meadows project was sold in January 2007 and will leverage a grant of almost $400,000 for downpayments on housing for first time buyers. The 25 houses in the Linden Meadows subdivision could leverage from 250 to 400 more homes, an investment of as much as $25 to $40 million in New Albany’s residential housing.
This could raise the low homeownership rate (42%) in downtown and older neighborhoods in New Albany--compared with other areas and the state of Indiana as a whole (76%).
This might be a significant part of a comprehensive strategy (inspection program, infrastructure improvements, other incentives, etc.) to bring residents and retail back downtown and complement the Scribner Place project. If coordinated in combination with “for-profit” developers and/or in mixed income projects, this could be multiplied for even greater effect. And this might even make it possible for some landlords to upgrade rental property without losing money. And all this could make a substantial difference in the quality of life for New Albany residents.
The CHDO homes are now for sale to first-time homebuyers. If you know someone who might be ready for their first home with a little help, ask them to call 945-1866.
John Miller, Community Housing
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