New Development Corporation, a nonprofit housing developer, currently is rehabilitating a residential home at 455 Cedar NE in the Belknap neighborhood. The project aims to preserve and refurbish the home’s flat roof, stucco exterior, and other unique features. When completed, the home will list for $88,000.
New Development focuses on housing rehab and development in the Creston, Belknap, and Stocking neighborhoods. Projects vary significantly, including major restorations of old structures. But most projects involve two or three bedrooms in an effort to promote affordable housing opportunities for low-income residents.
The mission is to turnaround vacant or dilapidated homes in up and coming areas where the investment will draw additional private investment into the neighborhood. In the past three years, New Development has acquired and rehabbed more than six homes. The group currently one infill project scheduled and continues to negotiate the purchase of three more units in their target area for rehab.
Source: Helen Lehman, Executive Director, New Development Corporations, www.newdevelopmentcorp.org
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