Neighborhood Stabilization Program 2 announces completion of first project with $91,000 invested

It has been about a year since the NSP2 Consortium, a collaboration of entities including 20 Michigan municipalities and eight land banks, was awarded $224 million from the federal government to purchase and revitalize properties. Last week, the Ingham County Land Bank, MSHDA and the City of Lansing announced the completion of the first project funded by Lansing’s $17.4 million piece of the pie.

The newly renovated 520-square foot home is located at 1525 Hull Court where an open house was held Thursday to celebrate.

“The house they chose was in dire need of some help,” says Rebecca Eldridge of Rizzi Designs, marketing firm of the Ingham County Land Bank. “The neighbors have been so receptive to the project. Some of them have even been talking about renovating their own homes.”

The property now inspiring the neighborhood was purchased and renovated for $91,000 and will soon go on the market with a sale price of $54,000. It is a 5-star energy rated home with all new appliances.

“It’s a perfect house for a responsible college student, a young professional or a couple who just got married,” says Eldridge.

This is just the beginning for the NSP2 Consortium. The next property to be renovated is also located on Hull Street. The Consortium’s goal is to increase the supply of quality units that house low-, moderate-, and middle-income households.

Source: Rebecca Eldridge, Rizzi Designs

Writer: Natalie Burg, News Editor