The City should concentrate its efforts and resources in specific neighborhoods, as opposed to using a scattered approach. Reinvestment is most impactful in neighborhoods where there is significant potential to establish a healthy housing market. Thanks to the strength of the existing housing stock and nearby amenities in these neighborhoods, with moderate intervention from the public sector, these areas could attract private-sector activity to drive stronger, stable, and more sustainable reinvestment. The following neighborhoods are recommended candidate reinvestment areas . The Appendix provides the data used to identify these neighborhoods and can be used as a resource for evaluating other neighborhoods that could be viable candidates for future focus. Areas of Reinvestment are separate and distinct from the Planning Department’s existing redevelopment areas (such as Willow Oaks, South Elm, and Ole Asheboro), which will require more extensive public intervention to stabilize.
Neighborhoods recommended as candidates for reinvestment were identified based on an evaluation of quantitative and qualitative factors that indicated neighborhoods at the tipping point where moderate public investment could build on existing assets and community strength to stabilize disinvested areas. These factors include:
• Civic Engagement : Presence of homeowners' associations and other civic groups that can partner with the City as champions for the neighborhood.
• Market Activity: Presence of private residential market activity, so that investment of limited public dollars can build momentum and begin to establish self-sustaining residential markets.
• Quality of Housing Stock: Presence of homes with desirable floorplans and quality architectural features that can help attract new buyers.
• Neighborhood Amenities and Investment: Presence of major public investments and/or amenities that provide further neighborhood appeal.
Note: While neighborhood and census tract boundaries are helpful starting points for identifying candidate areas, boundaries for reinvestment should be drawn based on how the market works.