Muncie announces more new home construction as Muncie Land Bank talks of vacant properties

The city of Muncie is touting another new home project that will build new homes on the site of formerly vacant homes.  As IPR’s Stephanie Wiechmann reports, the rent-to-own program will put up homes across the city.

Nearly 40 sites are included in the latest project. (Graphic: Courtesy of City of Muncie)

Called “City View 2,” Muncie officials say Miller Valentine Construction will spend $11.8 million to build 37 rental homes on lots currently owned by the Muncie Redevelopment Commission that have been cleared of previously unsafe structures.

A first “City View” project was announced last February.  Then late last year, Muncie Mayor Dan Ridenour told the MRC the project’s budget needed to be increased because of increased pandemic-related construction costs nationwide.

“They’re doing individual homes, so they don’t get the economies of scale of doing three buildings or two buildings that have multiple units in them.  They’re doing individual homes in many of these locations, which is exactly what South Central’s been wanting, what we have been wanting, what this board has been wanting, to fill up some of those empty lots.”

Ridenour says construction on City View 2 will begin in May.  Once the homes are built, renters who lease them can have a portion of their monthly rent payments credited if they want to eventually own the home.

Ridenour has made housing a priority.  He’s been paying attention to the local housing market and has previously announced luxury apartment projects downtown, single-family homes on the site of a former elementary school, and new apartments on the Southside.

Read More: Black Home Ownership In Muncie Is Low. So Are Those Homes’ Value

Muncie Land Bank also working to rehab vacant properties

Meanwhile, a report by the Muncie Land Bank found 16 percent of Muncie’s current housing stock is vacant, by either abandonment or unsafe building conditions.

Read More: Muncie City Council approves vacant and abandoned property registry

Like the MRC, the group also works to put these sites back on the tax rolls.  Muncie Land Bank officials told the Delaware County Commissioners this week how it acquires properties that have been unsold in county tax auctions and clears the tax and title issues.  Then, as board member Jim Lowe says, the group offers them up in a low-cost auction.

“It’s offered to the – not entirely the highest bidder – but it’s the best bidder, that we believe, in our minds, will have the intent to move in and increase those properties’ values and keep them updated.”

Muncie Land Bank has sold more than 30 properties so far.