Originally Posted by
BillyBBrew
We have 5 homes being renovated/rehabbed in West Village currently. The money for these came from one of the phases of the Neighborhood Stabilization program. It is my understanding that while this money is adminstered and controlled by the federal government, the money actually comes from fines assessed to financial institutions being reinvested back into the neighborhoods they helped destroy. 3 of the rehabs are single family houses which will be sold and 2 of them are 2 family units which will be owned and rented by the Villages CDC.
While on the face of it, a $300,000 renovation of a house that will sell for $75,000 seems ludicrous, the reality is that it serves a purpose. In West Village they picked 5 of the very worst houses that no one would want or could ever begin to justify renovating, yet were still structurally sound. By renovating these houses, they keep the neighborhood density, and it does spur the economy, at least in our neighborhood. If the worst houses are fixed, then developers and investors feel confidence in buying and renovating the more viable houses, even if they aren't cheap easy fixes, but involve some investment. The houses they are doing are being completely rehabbed, new guts, new walls, flooring, kitchens, bathrooms, etc. It makes no sense at all to do something half assed if you want it to stay. The people moving into these houses likely won't stay forever and if you don't do it right the first time, you end up with another ghetto piece of crap that's falling apart.
There was a fair and just bidding process for the West Village houses. Bids were solicited and reviewed, both for the planning and the construction. There was no "friends and family", while some preference was probably given to Detroit based businesses. Not sure about that but assume so. I am very happy with what's happening in West Village and I have watched and am impressed with the crews working daily on the houses, doing quality work with quality materials. I just wish we could do a few more houses.
Meanwhile my block, which 1 year ago had 4 occupied housing units out of 12 available, now has 8 properties occupied out of the 12 available and one more under renovation/gut rehab by private owners and one for sale with a lot of interest in it. Only 3 of the occupied units are rentals [[one of the 3 being an owner occupied 2 family flat, 1 owner, 1 renter) To me this is a significant improvement and the stabilization will only make it better.
Thank you to the Villages CDC for making this happen. A dedicated group of people who work really hard for our neighborhoods.