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.
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.