2. Introductions
• Carl Malysz – Deputy Mayor, Director of
Community Development, City of New Albany
• Susan Kaempfer – Neighborhood Stabilization
Program Manager, City of New Albany
• Ted Fulmore – Community and NSP
Coordinator, New Directions Housing
Corporation

3. Our Purpose Tonight
• Overview of the project, Downtown and
neighborhoods
• Goal of the project
• Scope of the project
• Hammer Time

5. Rebirth of
Downtown
New Albany

6. New Albany Farmers Market

7. New Albany Riverfront
Amphitheater

8. Ohio River
Greenway

10. Midtown Renaissance

11. Neighborhood Stabilization
• Housing and Economic Recovery Act of 2008
• $3.92 billion to:
– Acquire
– Rehabilitate
– Demolish
– Redevelop
Foreclosed & Abandoned Properties

13. Overview
• Restoration, Rehabilitation and/or New
Construction of up to 50 homes
• $6.7 million - $5.2 million for acquisition
and construction
• Round 1 – 32 Properties
A Neighborhood Renaissance!

14. Why Midtown?
• Foreclosures in
progress as of May
2010
• Locally - Foreclosures
of over-extended
investors, marginal
buyers
• Midtown classified by
HUD as a “high risk”
foreclosure area

15. The Numbers
• Approximately 900 rooftops
• Home ownership rate - 44%
– Entire County - 73%
• Poverty - 15.68%
– Entire County – 6.9%
• Vacancy – 14%
– Entire County – 6%

16. What’s Not Working?
• Uneven housing quality
• Sporadic graffiti problems
• Perception of a crime problem
• Vacant homes, foreclosed homes
• Low homeownership rate
– Contributes to high mobility in neighborhood
school

17. Project Goal
Midtown Renaissance
• Redevelop the Midtown Neighborhood of
New Albany into a Neighborhood of Choice.
–A place where it makes economic sense for
people to invest time, money and energy
– Appreciating home values, improving building
conditions, declining vacancy rates and increasing
rates of owner-occupancy

18. Dramatic Transformations

19. Neighborhood Amenities
Walkable Schools – Elementary,
Middle, High School

20. Ritter Park - A Park in Use

21. 2 Local
Historic
Districts
Cedar Bough Place
East Spring Street

22. Cardinal Ritter Birthplace

23. Measurements of Success
• Average Sales Price
– $37,100 as of 9/30
• Elimination of vacant/abandoned properties
– March 31 = 91
– September 30 = 88
• Block Conditions, Property Conditions
Improved
Build Confidence

24. Building Confidence, Building Demand
- The Buyers
• Millennials: Young households who choose to
live in neighborhoods that contain a diverse
mix of people, housing types and uses.
• Historic home aficionados: Buyers who want
historic character and want “turn-key” quality.
• Empty Nesters: Buyers looking to downsize
and be close to amenities.

25. Questions?
Paul Kiger
RE/MAX Advantage
502-314-6748
PaulKigerHomes@gmail.com
Tammy Hogan
Schuler Bauer Real Estate Services
502-386-2493
tammyhogan@schulerbauer.com
Interested in Midtown?