City of Vicksburg First to Begin Demolition Under Blight Elimination Program
FOR IMMEDIATE RELEASE
Tuesday, November 20, 2018
Contact: Jenny Layton
Senior Vice President, Marketing & Corporate Communications
601-718-4614
jenny.layton@mshc.com
City of Vicksburg First to Begin Demolition Under Blight Elimination Program
Three abandoned homes on Franklin Street in Vicksburg, MS are the first properties to be demolished under Mississippi’s Blight Elimination Program (BEP). The city applied for $165,000 through BEP with the goal of demolishing a total of 11 blighted homes.
“I am pleased Mississippi made use of these federal funds to remove blighted houses in Vicksburg. This effort will preserve the value of surrounding properties and create opportunities for investment in our neighborhoods,” said Mississippi Governor Phil Bryant.
The Blight Elimination Program was launched in 2017 by the Mississippi Home Corporation (MHC) to help local governments prevent foreclosures and stabilize neighborhoods. Funded by the U.S. Department of Treasury’s Hardest Hit Fund, the program provides funding for the removal of blighted properties, prevention of abandonment of neighboring properties, reduction in foreclosures among neighboring houses, and strengthen neighborhood property values.
“We are excited to see the City of Vicksburg make use of these funds to eliminate abandoned properties which have a negative impact on neighborhoods,” said Scott Spivey, Executive Director of the Mississippi Home Corporation. “By doing this, the City is encouraging future investment by stabilizing or hopefully improving the surrounding property values.”
Under the Blight Elimination Program, the City of Vicksburg partners with non-government blight partners which manages demolition and make the lot ready for reuse. The vacant lot can be used for affordable housing, sold for redevelopment or conveyed to local government for green space or other eligible use. The Program covers the cost of maintaining the property for up to three years. The blight partner for the homes on Franklin is Construction Ministries, Inc., a nonprofit 501(c)3 organization that provides free home repair to elderly/disabled persons. As a licensed contractor, its plan is to redevelop the property.
“The time to invest in the future of Vicksburg is now,” said Vicksburg Mayor George Flaggs, Jr. “Any action to improve our citizens’ quality of life is a major step in the right direction.”
In 2010, the U.S. Department of Treasury allocated $143 million through the Hardest Hit Fund to MHC to stem foreclosures and support neighborhood stabilization efforts. Since 2011, MHC has helped over 4,500 homeowners keep their homes by paying their mortgage after they lost a job or had a reduction in income through no fault of their own. MHC has allocated 20 million dollars of these funds for demolition through the BEP program to remove up to 2,000 blighted and/or abandoned homes in Mississippi.
Other cities approved for funds include Columbus, Jackson, and Shaw. For more information about the BEP program, please visit mshomecorp.com.
The Mississippi Home Corporation was created by the State in 1989 to serve as the State’s Housing Finance Agency. In that capacity, MHC administers the Mortgage Revenue Bond program and the Housing Tax Credit program, among numerous other programs. MHC’s mission is to enhance Mississippi’s long-term economic viability by financing safe, decent, affordable housing and helping working families build wealth.