Vaile Neighborhood Owner Occupied Rehab
On the edge of the center city an important neighborhood, the Vaile Neighborhood, has begun a major transformation. The Vaile Neighborhood is a tipping point neighborhood with many well-kept properties and many in disrepair. It is within walking distance to downtown, the Whitewater Valley Gorge and surrounds the 10th Street Park and Vaile Elementary School. Vaile Elementary, according to Richmond Community School’s (RCS) data, is the home to over 339 RCS students.
In partnership with IHCDA, $5 million in NSP 1 and NSP 3 funds are being invested in this neighborhood. NSP investment includes the acquisition of 25 foreclosed properties. Currently, three (3) are for sale and one (1) is scheduled for construction soon. Interested buyers could have an opportunity to select interior colors and styles.
To supplement this investment, the City of Richmond will use Owner Occupied Rehab funds to assist the neighborhood’s homeowners with needed repairs. Many of the individuals that live in the neighborhood are long-time residents. They want to “age in place”. By providing them with updates to their homes, they will be able to afford to reside there as long as they are able to do so.
The Stellar Owner Occupied Rehab projects are scheduled to begin immediately following the completion of the City of Richmond’s current Owner Occupied Rehab grant.