Since we began our work in Janesville, the average sale prices of homes in two neighborhoods increased by 51%.
In 2011, the Partnership joined with the City of Janesville to work on revitalization of two neighborhoods in downtown Janesville, Look West and the 4th Ward. Both neighborhoods had been devastated by the closure of the GM plant and then by the national foreclosure crisis. As a result, there were numerous vacant homes, creating neighborhood instability and crime.
The city made an effort to stabilize these areas by using Neighborhood Stabilization Program funds to demolish homes that could not be saved and rehab those that could. The Partnership has renovated 11 homes in these neighborhoods and the City completed many others. As a result, vacancy rates in the neighborhood have been reduced and property values are increasing.
Values of just the 11 homes that the Partnership completed increased from $267,000 upon purchase of properties to $905,000 after rehab and sale. And since we started our work, the average sale prices of homes in these two small neighborhoods increased by 51%. The Partnership not only completed rehabilitation projects, but also built one new home in the neighborhood, which sold within days. This work demonstrates the ability of communities to make change in their neighborhoods by targeting resources.