Neighborhood Initiative Program

  • Neighborhood Initiative Program
On August 17, 2016, OHFA's Board of Directors approved an interest free line of credit program that land banks may apply for later this year. The line of credit may be used toward acquisition, demolition and greening of properties that are expected to be reimbursed under the Neighborhood Initiative Program. Details are forthcoming in the program guidelines.

The goal of the Neighborhood Initiative Program is to stabilize property values by removing and greening Vacant and Blighted properties in Targeted Areas in an effort to prevent future foreclosures for existing homeowners. NIP will prevent foreclosure by helping to stem the decline in home values that began with the burst of the housing bubble in 2008. In Ohio, 31 percent of homeowners with loans owe at least 125 percent more than their estimated home value When negative equity combines with other factors such as loss of income, the risk of foreclosure is high because homeowners do not have the option to sell a home they can no longer afford. Foreclosures result in distressed sales that further depress property values and continue the downward spiral, too often resulting in Vacant and Blighted homes. Demolition is a critical component of strategies to stabilize home values.

Fact Sheets


Thriving Communities Institute

Thriving Communities works throughout Ohio to establish county land banks, facilitate the formation of their board of directors and assist them in developing policies and procedures that address the elimination of blight within their counties. Jim Rokakis has worked diligently to bring demolition funds to Ohio through the Moving Ohio Forward Program and the U.S. Treasury's release of Hardest Hit Fund dollars for demolition. Thriving Communities is positioned to assist county land banks in seeking and utilizing demolition funds and in repurposing properties post-demolition.


NIP Data Upload