Vacant Kokomo Properties Target Of New Program

As reported in March on IndianaUSDAMortgages.com; The mayor of Kokomo, Greg Goodnight, announced he wanted to pay people to move in and fix up vacant homes in an effort to eliminate eyesores and boost property values. He proposed the city dip into its economic development fund and set aside $100,000 to offer the grants. Those who buy and move into a targeted home would be eligible to apply for $5,000 to cover a portion of the improvement costs.

Goodnight said the pilot program would focus on 20 homes currently owned by the city. He used a home at 1721 W. Jefferson St. as an example. ”If something is not done with this home, it will become an eyesore. It becomes blight and it will decrease the property value of surrounding neighbors,” he said. “It needs a little TLC and that’s what we are looking for. Not to demolish or rebuild homes.”

Current Kokomo homeowners would not be eligible, although renters would be allowed to participate, as well as those looking to move into the city. ”If we don’t fix the residency issue and don’t have these houses on the tax rolls, we lose out,” Goodnight said.

A number of community groups met and provided input on the proposal before it was presented to the Kokomo City Council in mid-April.

Minister Ramon O’Glesby hopes the plan will stretch into all neighborhoods of the city. ”It gives people an incentive for the uplifting of the community,” he said.

Residents who live near abandoned properties are in favor of the program. ”That house, if the value increases on it, it will reflect on all of us and lead us to do some work as well,” said Scott McIlrath.

Homeowners would be required to stay in the home for at least five years.