Tuesday, September 1, 2009

Ordinance would bring four affordable units to Northside

Cincinnati City council soon will consider an ordinance that could bring four affordable units to Northside as part of the Fergus Street Homeownership Project.

The ordinance would establish a new HOME Investment Trust project account, to be funded with $176,000 from an existing HOME project account, to assist Cincinnati Northside Community Urban Redevelopment Corporation (CNCURC) with the rehabilitation of three units at 1433 Chase Avenue and one unit at 4179 Mad Anthony Street.

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

The Fergus Street Homeownership Project, a partnership between CNCURC, Working in Neighborhoods, and the City of Cincinnati, is a green-focused, market-rate and affordable redevelopment plan 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:
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)
Inside the Northside HOMEs, 6/24/08 (7/7/08)