WCDC to Help with Eagledale Housing Revitalization

(posted May 6)

Eagledale Lafayette Square Area (ELSA) Weed and Seed is developing a long term strategy to revitalize the neighborhood housing market. The first steps happened several weeks ago when the Westside Community Development Corporation agreed to partner with ELSA to study the vacant and abandoned housing market.

Weed and Seed Executive Director Scott Rosenberger described the city's six-year-old vacant housing map of the area as a moving target that is in need of updated information. Rosenberger invited WCDC for assistance because of their successful accomplishments in Haughville.

WCDC member Phil Votaw said that the organization has developed 280 homes with 149 sold. Votaw attested to the difficulty of finding updated accurate information. He said some of the latest information from a realtor has some of homes listed as vacant are now occupied.

WCDC Executive Director Mark Stokes said Haughville is a different market than Eagledale. Haughville suffered with more deinvestment in the area with homes being tore down.

Stokes and Votaw have spent about 20 hours analyzing Eagledale hoping to find an abandoned or vacant home to revitalize. Stokes said they are trying to find the home that makes the arithmetic work. They don't want to lose money on the project. Stokes expects that $100,000 is needed to buy a vacant home and to cover the contractor's remodeling bill. Stokes thinks it might be realistic to find a home by fall to begin the revitalization era for Eagledale.

Stokes said it doubtful that the revitalization would happen in a concentrated area. He said it sounds good in theory but it usually doesn't work out mathematically. His plan is to "opportunity shop" to see where they could locate a house in need of repairs and later sell it for a profit.

Votaw said some of the HUD homes are listed in the $40,000 range, but the WCDC is looking for a home that is lower in price. Stokes and Votaw plan to meet with Rosenberger in two weeks to reveal their findings.

Rosenberger's long-term goal is to start a CDC for Eagledale.