Houses in the hood

Friday September 10 2010

 

Lynchburg College and Lynchburg Neighborhood Development Foundation (LNDF) are pleased to announce a partnership to enhance the neighborhoods around the College.

LNDF will be renovating and marketing three houses near LC. Lynchburg College will be recruiting and assisting LC faculty and staff who qualify to purchase these homes.

LNDF is a non-profit organization that has extensive experience in the development and financing of affordable housing for purchase by moderate income households. It has access to state and federal resources and low affordable mortgages for eligible households.

In 2009, the State of Virginia awarded $1 million in Neighborhood Stabilization Program funds to LNDF and three other nonprofit housing providers to purchase and renovate 13 foreclosed homes.

LNDF has begun extensive makeovers on three foreclosed homes near LC on Westover Boulevard, Warren Avenue, and Bell Street. These and other NSP houses will be marketed at attractive prices to individuals and families who meet certain income guidelines.

Laura Dupuy, director of LNDF, said, "The neighborhoods surrounding LC are charming and it is our experience that renovation of these three homes will encourage investment and improvements in others. The individuals and families who purchase the completed houses will be getting a quality home for an affordable price. We know they will bring increased vitality to the neighborhoods."

Steve Bright, vice president for Business and Finance at LC, said, "Lynchburg College has long been committed to providing a stable and revitalized area around the College. We look forward to working with LNDF to offer our employees attractive incentives for living near the place they work."

Both LNDF and LC have a history of working to stabilize and improve neighborhoods. LC began buying and renovating houses adjacent to the college more than 15 years ago. Today LC offers many of those homes as student housing with quality space for living and learning.

About the time that LC was embarking on revitalizing areas around the college, LNDF was being formed as a nonprofit and charged with helping to eliminate substandard housing in Lynchburg. During the past 15 years, LNDF has built or restored more than 60 houses in downtown Lynchburg, made more than 200 loans to low- and moderate-income families for first home purchases, and completed the Pyramid Center, a commercial development that houses health care facilities and helps invigorate the downtown neighborhood of Tinbridge Hill.

For more information, contact Laura Dupuy, director of LNDF, at 846-6964, or Steve Bright, LC Vice President of Business and Finance, at 544-8428.