The RTD has a story that says that Richmond’s Neighborhoods in Bloom program is doing so well it is expected to serve as a catalyst for other cities that hope to turn blight into economically viable areas.
The article says that property values of homes in seven targeted areas in Richmond rose 10 percent a year more than they would have with no assistance. The rehab efforts are sparking private investments and attracting businesses. The city will get more in tax revenues — $14.7 million, to be exact, over a 20-year period, according to the study by the Federal Reserve Bank of Richmond and the Local Initiatives Support Corp.
The investment threshold to achieve good results was an average $20,000 per block over the five-year period. Any less would not stimulate new investments in an area. Any more would not bring in that much more proportionately in revenue.
NiB is a program that supports the restoration of Richmond’s historic neighborhoods. It promotes housing renovation, restoration, construction, and sales in select neighborhoods through services and financial incentives. The area that Neighborhoods in Bloom calls Church Hill Central is an area that is made up of parts of Fairmount and Church Hill North, bounded by 28th Street, Nine Mile Road/Fairmount Avenue, 22nd Street, and Jefferson Avenue/M Street.