Blight Elimination Program (BEP)
Blighted, vacant and abandoned homes are a serious issue for Indiana homeowners, neighborhoods and communities. Sadly, the State of Indiana has the dubious distinction of having the highest percentage of abandoned foreclosed homes in the country. RealtyTrac and 24/7 Wall Street are reporting that roughly 30% of Indiana’s foreclosed homes are abandoned. This means that due to foreclosure alone, 5,000 blighted and abandoned homes are negatively impacting Indiana homeowners and neighborhoods by reducing property values. Blighted properties also serve as a drain on municipal resources. Many Indiana communities lack the resources necessary to address this growing issue alone.
The State of Indiana, through IHCDA, is using of a portion of Indiana’s Hardest Hit Funds to demolish blighted and abandoned homes that are beyond repair. The goal is not simply to demolish abandoned homes, but to stabilize property values in Indiana communities. The partnership between IHCDA and Indiana municipalities allow communities to demolish blighted properties and offer a variety of end uses for the newly cleared properties including green space and redevelopment. The demolition of abandoned and blighted homes will be a significant step toward rebuilding Hoosier communities.
On September 15, 2014, the Blight Elimination Program application for Hartford City and Montpelier was submitted to IHCDA. The application consisted of 30 targeted properties, 27 in Hartford City and 3 in Montpelier. On October 23, 2014 the application was awarded a total of $568,000 to remove blighted houses in the two communities.
On December 31, 2014 the Blight Elimination Program (BEP) application for the City of Portland was submitted to the IHCDA. The application consists of 7 targeted properties. On February 26, 2015, IHCDA awarded the City of Portland $126,000.00 for blight removal.
Both programs are continually moving forward as per the required steps put forward by the IHCDA.