The Neighborhood Initiative Program (NIP) was designed to stabilize property values and prevent future foreclosures for existing property owners in strategically targeted areas through the removal of blighted structures.
NIP assisted communities by acting as a catalyst to stimulate redevelopment and revitalization in areas suffering from blight and decline, stabilizing values and assisting in the the preservation of existing neighborhoods. NIP was a joint venture of the South Carolina State Housing Finance and Development Authority and the SC Housing Corp. (SCHC), a not-for-profit corporation. NIP was made possible by the U.S. Department of the Treasury.
The City of Greenville, along with six partnering non-profit organizations, was awarded $2,146,767 in NIP funding. The six partnering non-profit organizations acquired properties containing vacant and blighted structures, demolished all structures on the property and restored the property through grading and seeding. The maximum amount of funding allowed for each property was $35,000, including all acquisition, demolition and restoration costs. Properties acquired through this program will be redeveloped for affordable and workforce housing opportunities.
For more information, please contact Michael Williamson, Community Development Division, at 864-467-4570.