Vice Mayor Roxanne Qualls, the Greater Cincinnati Port Authority and community partners on Monday unveiled the “Come Home Cincinnati” initiative, which promises to make vacant properties available to new occupants in an effort to increase homeownership and redevelop neighborhoods hit hardest by vacancy and abandonment.
The goal is to establish a residential base that will help jumpstart private redevelopment and revitalize largely abandoned areas of Cincinnati and Hamilton County.
“Just about a year ago, we were in Evanston to talk about their housing strategy for the Woodburn Avenue corridor and what to do about the 200 vacant and abandoned properties in the community,” Qualls said in a statement. “The next logical step on the path to revitalization is to incentivize private market investment in the residential core of our neighborhoods and help to fill the once-abandoned homes with new owner-occupants.”
The initiative will work through the Hamilton County Land Bank, private lenders and community development corporations to connect potential homeowners with a pool of loan guarantees.
Qualls’ office says the plan will likely require tapping into the city’s Focus 52 fund, which finances neighborhood projects.
The Port Authority estimates the loan guarantee pool will be $2.5 million to $4.5 million and other aspects of the initiative will cost $3.3 million, but not all of the funding will come from the city.
To qualify for the program, owner-occupants will have to meet minimum credit requirements, agree to live in the rehabilitated home for five years and pay for 5 percent of the total rehabilitation and acquisition costs as a down payment. After five years, the loan will be refinanced at the same or better interest rates to relinquish the city and its partners’ loan guarantee.
The city is eyeing a few potential partners for the initiative, including the Cincinnati Development Fund, Cincinnati Preservation Association, the University of Cincinnati Urban Design Center and neighborhood-specific groups.
The initiative will start with 100 homes in the pilot neighborhoods of Evanston and Walnut Hills, but it will expand to Avondale, College Hill, Madisonville, Northside, Price Hill and South Cumminsville as resources grow. It will work in conjunction with the Moving Ohio Forward demolition grant program, which allows the city and Hamilton County Land Bank to tear down blighted and vacant buildings.
At the same time, three of the neighborhoods — College Hill, Madisonville and Walnut Hills — are currently trying out form-based code, a special kind of zoning code championed by Qualls that allows developers to more easily pursue projects as long as they stay within a neighborhood’s established goals.
City Council will now need to approve a motion that gives the city administration 60 days to develop a plan and budget for the initiative. The city administration’s proposal will also require City Council approval.