#TAKI G PICTURES OF FORECLOSED HOMES COLUMBUS OH PROFESSIONAL#

In addition to a lease for the property, the winner received $5,000 from a local foundation for startup costs, as well as free professional services and 3 months’ rent to help the business get underway. To identify a suitable tenant for the commercial space, the partnership held a business plan competition.

#TAKI G PICTURES OF FORECLOSED HOMES COLUMBUS OH WINDOWS#

Renovations to the building replaced the front windows and restored the tin ceiling and skylight, revitalizing the storefront for a new local business. To further enhance the neighborhood, the partnership also purchased a vacant 3,000-square-foot commercial building adjacent to the rent-to-own program’s live/work building along National Avenue, a commercial corridor in the Silver City neighborhood. Kitchens in the renovated homes feature efficient ENERGY STAR appliances.

To prepare tenants to own a home, the partnership will sponsor annual homebuying classes provided by local banks and other local service providers. At the end of the rental period, each tenant who decides to purchase the home will receive a credit of approximately $36,000 to be used for the downpayment.

Impact Seven will manage the rental units for 15 years. Tenants were also screened to ensure that they did not have a criminal record, had not been evicted, and had not recently declared bankruptcy. Of the program’s 24 residential units, 17 are set aside for households earning no more than 50 percent of the area median income (AMI), and 7 are reserved for households earning up to 60 percent of AMI. Tenants for the renovated units were selected based on income in accordance with Low-Income Housing Tax Credit (LIHTC) program guidelines. The renovated homes feature ENERGY STAR® appliances and meet Wisconsin Environmental Initiative’s Green Built Homes standards for remodeling. Renovation costs for each residential unit in the rent-to-own program averaged more than $125,000. The renovations, which were completed in summer 2014, included replacing roofs, windows, siding, and hot water heaters, as well as plumbing, electrical, and HVAC systems, according to Todd Hutchison, consulting director of real estate development at Impact Seven. Within a year, the partners had identified and purchased 21 single-family houses, a duplex with 2 residential units, and a live/work building.

In 2011, the two nonprofits combined their skillsets in the rent-to-own program for foreclosed properties in the Near South Side of Milwaukee. Impact Seven has helped finance, develop, and manage properties in distressed communities throughout the state. LBWN has renovated foreclosed properties through its Turnkey Renovation program and constructed townhouses for a rent-to-own program. The program allows low-income residents to pay an affordable rent for 15 years and receive a credit toward a downpayment if they choose to buy the house after that time. Through a collaborative rent-to-own program, Impact Seven and Layton Boulevard West Neighbors (LBWN) have rehabilitated vacant residences in the Silver City, Burnham Park, and Layton Boulevard neighborhoods. Milwaukee was facing conditions commonly found in areas with high foreclosure rates: depressed property values, high crime rates, and increased municipal service. In June 2009, the city recorded 1,619 bank-owned and 138 city-owned foreclosures and more than 4,000 open foreclosure filings. The partnership is both revitalizing neighborhoods with foreclosed properties and providing affordable housing for low-income families. Image courtesy of Impact Seven.Ī partnership between a community development financial institution and a community development corporation is meeting two needs in Milwaukee, Wisconsin. In the rent-to-own program, LBWN and Impact Seven invested an average of $125,000 per home in renovation costs, restoring abandoned, foreclosed homes to livable condition. Rent-to-Own Program Rehabilitates Abandoned and Foreclosed Properties

Taki g pictures of foreclosed homes columbus oh