LUCAS COUNTY, Ohio —
New money coming to Lucas County will help families access affordable housing.
The Lucas County Land Bank received more than $4 million from the state's Welcome Home Ohio program to purchase and renovate homes to then sell at a more affordable price.
"It continues to be a challenge for so many people, particularly folks looking to buy their first home because when they go out to do that, they are often being out-competed by investors, by other folks who have a lot of money who may be looking to make that house into a rental," David Mann, president and CEO of the Lucas County Land Bank said.
David Mann said that – paired with a slowdown of new home construction after the recession – is contributing to what he calls a crisis.
He's hoping the grant will fight that burden nearby.
"It gives us money to purchase properties that might otherwise, like we said, be bought at a tax sale by investors or be bought through the normal market by someone who may not be able to turn that back into a homeownership opportunity," Mann said.
The nonprofit plans to purchase 16 homes, renovate them and then sell them for no more than $180,000.
The new owner must agree to live in the home for at least five years.
"For the next 20 years, these houses will remain available only to homeowners as a way to preserve that opportunity for the community," Mann said.
To make sure the project is truly benefiting those with little to no long-term housing options, there will be income requirements for buyers.
"A household has to make what's called 80% or less of the area median income for a family of four. We're talking about someone who probably makes around $60,000 or less as a household," Mann explained.
The land bank is working with Maumee Valley Habitat for Humanity to help families get into their homes.
Mann expects the project to be complete and homes to be move-in ready by November 2025.