Falling interest rates through the 1990s have been another major factor by reducing construction and mortgage costs. But the initial law lacks teeth. Also, changes to state law and the resolution of a legal challenge clear the way for the Land Bank Authority to begin foreclosing on tax-delinquent property in large numbers. Also, construction begins on a 150-unit apartment complex called Hampton place. Many view this complex as critical to encouraging more development.
Several banks announce initiatives to make loans on affordable housing.
Also, Jay's Cafeteria, one of the most successful businesses in Russell, moves to a larger location on West Muhammad Ali Boulevard. Planners hope that will encourage more commercial development.