The Neighborhood Initiative Program (NIP) is designed to stabilize property values and prevent future foreclosures for existing property owners in strategically targeted areas through the removal of blighted structures. NIP will assist communities by acting as a catalyst to stimulate redevelopment and revitalization in areas suffering from blight and decline, stabilizing values and assisting in the preservation of existing neighborhoods. NIP is a joint venture of the South Carolina State Housing Finance and Development Authority and the SC Housing Corp. (SCHC), a not-for-profit corporation. NIP is made possible by the U.S. Department of the Treasury.
The City of Greenwood, in partnership with Greenwood Area Habitat for Humanity, was awarded $825,000 to combat blighted properties. An agreement was signed between the City, partnering organizations, and the SCHC on August 30, 2016. Funding must be expended by December 1, 2017.
Targeted properties will be purchased by the nonprofit organizations, and existing structures will be removed. Afterward, the property will be maintained for a period of at least three years unless redevelopment opportunities arise. Each property may only receive $35,000 of NIP funding through all phases of the process, and properties must be located within the approved NIP Target Area.