Monday, Jun 27, 2016
One of America's Great Newspapers ~ Toledo, Ohio

Local

Groups announce $10.4M 'Legacy Homes Project'

40 low-income rental homes to be built in Olde Towne

  • CTY-legacy24p-bell-kaptur

    Toledo Mayor Mike Bell sits next to U.S. Rep. Marcy Kaptur (D., Toledo) during a news conference at a construction site on Machen Street in Toledo where project Sponsors NeighborWorks Toledo Region and Mercy St. Vincent Medical Center announced the commencement of construction of the Legacy Homes project.

    <The Blade/Dave Zapotosky
    Buy This Image

  • CTY-legacy24p-project

    Spectators applaud the planned 40-unit single family development project.

    <The Blade/Dave Zapotosky
    Buy This Image

  • CTY-legacy24p-homes

    Two new homes, part of the Legacy Homes project, are under construction next to a vacant house in the 300 block of West Delaware Avenue in Toledo.

    <The Blade/Dave Zapotosky
    Buy This Image

CTY-legacy24p-homes

Two new homes, part of the Legacy Homes project, are under construction next to a vacant house in the 300 block of West Delaware Avenue in Toledo.

The Blade/Dave Zapotosky
Enlarge | Buy This Image

Forty new low-income rental homes will be built in Toledo's Olde Towne neighborhood, a project announced today by Mayor Mike Bell, St. Vincent Mercy Medical Center, and a coalition of non-profit organizations.

The $10.4 million project is scheduled to be completed by April, 2014, said Bill Farnsel, chief executive of NeighborWorks Toledo Region.

The 40 single-family homes, called “The Legacy Homes project” will be scattered immediately west of the Mercy St. Vincent Medical Center campus and near Scott High School.

“Community development activities are a vital piece of neighborhood revitalization,” Mr. Farnsel said. “A collaborative effort made up of housing industry professionals have worked together to make this idea a reality.”

PHOTO GALLERY: Click to view more photos from the event

A group that included Mayor Bell and U.S. Rep. Marcy Kaptur (D. Toledo) made the announcement.

The first eight homes are being built near 348 Machen St. across from Scott.

CTY-legacy24p-bell-kaptur

Toledo Mayor Mike Bell sits next to U.S. Rep. Marcy Kaptur (D., Toledo) during a news conference at a construction site on Machen Street in Toledo where project Sponsors NeighborWorks Toledo Region and Mercy St. Vincent Medical Center announced the commencement of construction of the Legacy Homes project.

The Blade/Dave Zapotosky
Enlarge | Buy This Image

Of the $10.4 million, $8.8 million came from private equity, $750,000 came from federal HOME funds through the city, and $300,000 came from NeighborWorks. There was also a $1 million loan from the Ohio Housing Finance Agency and $7.7 million loan from Key Bank.

Twenty of the lots were purchased for the project for $200 each from the Lucas County Land Bank. Of those, 14 were vacant and six had structures that the Land Bank razed.

In all, 92 former lots – many of which were too small individually to build homes according to current code regulations - were combined or used for the 40 homes. Half of the homes will have three bedrooms and half will have four bedrooms. They will be valued at about $175,000 each, but not sold, Mr. Farnsel said.

Income-restricted renters will be able to purchase the homes after 15 years.

Click to comment

Quis autem vel eum iure reprehenderit qui in ea voluptate velit esse quam nihil molestiae consequatur, vel illum qui dolorem?

Temporibus autem quibusdam et aut officiis debitis aut rerum necessitatibus saepe eveniet.

Copyright © 2015 Toledo Blade

To Top

Fetching stories…