Monday, September 28, 2009

Council approves federal HOME funding for Northside rehabs

Cincinnati City Council has passed unanimously an ordinance creating a new project account for four affordable homeownership units in Northside.

The new HOME Investment Trust account will be funded with $176,000 from an existing HOME account and will be used by Cincinnati Northside Community Urban Redevelopment Corporation (CNCURC) to rehabilitate three units at 1433 Chase Avenue and one unit at 4179 Mad Anthony Street.

CNCURC will use a portion of the funding to assist prospective owner-occupants with down payments and closing costs.

The redevelopment is part of the Fergus Street Homeownership Project, a partnership between CNCURC, Working in Neighborhoods, and the City of Cincinnati designed to boost homeownership and stem foreclosures, vacancies and crime in the area bounded roughly by Pullan Avenue, Knowlton Street, Mad Anthony Street and Langland Street.

HOME, created in 1990 and administered by the U.S. Department of Housing and Urban Development, is the largest federal block grant to state and local governments designed exclusively to create affordable housing for low-income households, allocating approximately $2 billion annually.

Previous reading on BC:
Ordinance would bring four affordable units to Northside (9/1/09)
City kicks off National Homeownership Month in Northside (6/8/09)
Northside CURC to buy vacant City parcel (4/1/09)
Cincinnati may sell surplus parcel to Northside CURC (3/17/09)
Northside CURC seeking donations for third green house (7/31/08)