Transforming Housing Revitalization into Livable Communities
Posted On: May 3, 2023
Eric Fancher, Real Estate Acquisitions
Here at Navigate, our core values inform every part of our work. Service, respect, transparency, innovation, and quality all make their way into conversations about affordability and housing. This is no less true when discussing our community revitalization efforts.
Revitalizing neighborhoods and addressing the affordable housing shortage is not as simple as a developer or government entity funding all-encompassing change. For example, placing a new house in an area that has endured years of depopulation and disinvestment usually cannot yield lasting results. Instead, neighborhood revitalization requires a thoughtful review of past and existing conditions, gathering input, and working with residents and neighborhood leaders to develop a path forward.
Property acquisition is a crucial pillar of Navigate’s community revitalization strategy, from refurbishing existing housing and demolishing blighted properties, encouraging reinvestment from local businesses, or supporting the neighborhood elementary school.
Property acquisition investments can immediately impact neighborhoods’ livability and safety in the short term while clearing a path for future growth. It allows developers to decrease or eliminate nuisance properties and acquire and renovate dilapidated structures. In the long term, it will enable developers to assemble the project site and commence planning regarding infrastructure, livability, and potential economic development. However, numerous issues can arise while acquiring property in abandoned and dilapidated areas. (Hover on each box to learn more about these issues.)
Plan ahead. Property acquisition can be expensive and time-consuming, so we plan for two to three years of runway to acquire property for our revitalization work. However, upfront planning and outreach to residents, landlords, and investors can clear the way for property acquisition. This is the first step in building healthier, safer, and more livable communities.