Redevelopment Agency approves budget and homebuyer’s initiative
JACKSON, Tenn. – The Jackson Community Redevelopment Agency (CRA) approved its budget and discussed the agency’s plans for continued downtown improvement and incentives for lower income homebuyers.
The CRA’s purpose is to target blight areas within the city and work to development them. The CRA will acquire the blight and rundown properties, make improvements to them such as building homes, and then selling the property.
“And in the neighborhood that is south of the Madison Academic campus that’s several streets over there: Haton, Glendale, Fairgrounds, Burkett and if you drive around down there you will see people still live there in those neighborhoods and I’m sure they value their neighborhood, but you see a lot of blight,” said Hal Crocker. “You see a lot of houses that have been abandoned. You see vacant lots where the houses were torn down and we see opportunity in that.”
The CRA’s previous work included the creation of the Jackson Walk, the Lyft, and areas surrounding. Their current sidewalk improvements include Johnson Street (Eastside between Morgan and Wells Alley) and Talbot Street (Southside section in front of the new apartments.)
Their next plan includes priority streets for street trees and landscaping in the areas of McCowat, Morgan, Talbot, Campbell and West Deaderick Streets. Their sidewalk improvements will also include Talbot, Campbell, and McCowat Street. In addition, their sidewalk improvements priority list also includes Wells Alley (between Johnson and Wells), Hatton Street, and Johnson Street.
The CRA also approved a proposal to help lower income homebuyer’s achieve their dream of having their own home. The Workforce Housing Homebuyer Incentive Plan was approved during Wednesday’s meeting.
The Incentive Plan’s goal is help increase homeownership, specifically those with workforce employment, while eliminating blight. The areas targeted for this incentive will be the lots south of Madison Academic. The emphasized areas will be on Hatton, Gordon, Williams, Glendale, and Fairgrounds.
The Incentive Plan targets workforce housing such as entry-level professionals (such as those working with Blue Oval), medical professionals, teachers, and first responders.
The CRA will offer up to $15,000 for down payment assistance on a new home. Eligible buyers must meet credit and loan criteria, use property as the primary residence, comply with repayment terms and covenants, and sign a CRA Buyer Incentive Agreement.
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