The Indiana Housing and Community Development Authority awarded Tell City $105,150 for its Neighborhood Stabilization Program. The money will be added to a $1,875,350 grant received last year for the city to purchase abandoned, vacant or foreclosed properties.
Some of the homes will be razed to make way for new houses, while other properties could be rehabilitated and resold. The grant also gives the city the option of holding on to some sites for future development.
The demolition and new construction will boost the economy according to Mayor Ewing. The city is required to have all of the money committed by this summer and a committee overseeing the program has already closed on some purchases.