The City’s Office of Housing and Neighborhood Services (OHNS) is seeking residents interested in buying a home in the West Central Neighborhood. The City owns eight blighted homes in the historic neighborhood; the homes will be rehabbed and offered for purchase to moderate- to middle-income residents.
Potential buyers will choose to work with an approved, City-registered developer who will purchase and rehabilitate the home to the City’s standards, with significant input from the buyer. The City will invest up to $3,500 in closing costs that must be matched dollar-for-dollar by the buyer. The buyer must contribute a minimum of $1,000 in closing costs. Additionally, buyers will be eligible for residential tax abatements, which are available to any resident purchasing or improving any home in the core of the City.
The addresses of the homes are: 1302 W. Jefferson Blvd., 1111 W. Jefferson Blvd., 815 W. Jefferson Blvd., 1025 Wilt St., 1222 Jackson St., 1121 Fulton St., 1227 Kinsmoor Ave. and 1838 Broadway. The end result of the program will not just increase the value of homes being improved, but will positively impact property values for the entire neighborhood by increasing home ownership opportunities.
“Our assistance will help turn previously blighted and vacant properties into neighborhood gems, as well as help raise appraised values in West Central,” said Heather Presley-Cowen, director for the Office of Housing and Neighborhood Services.
The City expects a financing gap between the final appraised value and the amount invested by the developer to rehab the home; that gap will be financed by the City up to 45 percent of the as-completed appraised value. All funding for this program comes from the City’s allocation of U.S. Housing and Urban Development (HUD) dollars.
A recent housing market potential study indicated an unmet demand for home ownership opportunities in this historic neighborhood adjacent to downtown. The City’s efforts will help fill this demand and stabilize property values.
Residents must meet income qualifications in order to purchase one of the homes. More information is available at www.fwcommunitydevelopment.org/housing/housing-programs or by calling 260-427-2134.