Why Urban Renewal
Urban Renewal is an economic development tool used by local governments across the country. More specifically, it is a method of economically revitalizing areas of “blight” through public investments that stimulate private development. Examples of blight include buildings that are unsafe or unfit for occupancy, inadequate streets, or environmentally contaminated areas. Due to these conditions, private real estate developers, property owners or business owners are unable to generate a sufficient profit on potential development in the area. As a result, private investment stalls and the blighted conditions remain.
Public investment is sometimes necessary to support and enable private investment. Public investments might include improving roads and infrastructure, technical and financial assistance to developers, or enhancing community amenities. Once private development becomes economically practical, investment returns to the area. As physical and economic conditions improve over time, further private investment is stimulated and the local economy is strengthened. The economic vitality, livability and environmental sustainability of the wider city are often improved by Urban Renewal investments.
What we do
ODH Foundation's urban renewal initiative seeks to enrich and improve public spaces to improve the quality of life and infrastructure in cities and to develop and modernize urban infrastructure and create inclusive access for all. Through these initiatives, the aim is to promote the preservation of historical buildings,and improvement of places of local, architectural, cultural or historical interest and to transform and revitalize public spaces.
ODH Foundation also supports programs to clean up and beautify major public spaces and city landmarks to create new spaces for recreation and leisure.
Support for a change, and make this nation a better place.
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