Neighborhood Development Annual Report 2020-2021

Preservation & Rehabilitation

Housing Preservation Fund is Under Development

The Neighborhood Development Department staff has been working to create the Greensboro Housing Preservation Fund, a dedicated pool of public and private dollars used to make loans and investments in affordable housing. Building on recommendations of Housing GSO – the City’s 10-year affordable housing plan that was adopted in October 2020 – the fund will preserve affordability while improving existing housing quality. The fund will be a public-private partnership, leveraging public and private capital and

drawing on private finance and real estate experience. The City, the Community Foundation of Greater Greensboro, and others partners will contribute to what is expected to be a $30 million fund. The Neighborhood Development Department is working with partners and stakeholders to launch the project in 2022.

Rehabilitation Program Gets Makeover

This year, the Neighborhood Development Department started the process of revamping its housing rehabilitation projects. The goal is to increase the number of Greensboro residents living in safe, affordable housing, as outlined in Housing GSO . The department is restructuring the rehabilitation assistance program so all projects are funded through grants or no-payment loans,

instead of traditional loan agreements that require repayment. It will also establish and fund an emergency repair program so the City can respond to urgent rehabilitation needs. The department plans to work with nonprofit partners to accomplish these goals. The program is expected to be restructured by 2022.

Creating Opportunities to Build A Better Community

In fiscal year 2020-2021, construction work on active rehabilitations halted or slowed due to contractor availability, supply shortages, and social distancing protocols.

7 Single-family units rehabilitated or repaired

11 Lead-safe and healthy homes completed

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