Mayor Henry continues commitment to neighborhood revitalization
(Photo attached: Mayor Henry with Charlotte Weybright, Ric Zehr)
Fort Wayne, Ind. – Fort Wayne Mayor Tom Henry joined developer Ric Zehr of Belay Corp and representatives of the West Central Neighborhood Association to celebrate the renovation of the first of four homes in the historic West Central neighborhood, on a primary corridor from downtown.
Rehabilitation and/or construction work on the remaining three homes – all located along the 800 block of West Washington Boulevard – is scheduled to be completed by the end of the year. When completed, the project will transform nearly an entire block that suffered from urban decay and fire damage to a cluster of revitalized homes in the heart of the West Central neighborhood.
The City has worked in partnership with Fort Wayne-based Belay Corp. to purchase the four adjacent, dilapidated properties on West Washington. The houses – which were previously owned by the City or Allen County – are located within an historic neighborhood and along one of the city’s major east-west corridors.
Most of the funding for this initiative came from the U.S. Department of Housing and Urban Development HOME Investment Partnerships Program. The City has committed approximately $543,000 to the project, with the remaining funds coming from Belay Corp’s construction line of credit.
“The City of Fort Wayne continues to look for ways to create public-private partnerships to invest in neighborhoods and corridors,” Mayor Henry said. “With the help of this federal funding, we are able to direct dollars to an area to improve the aesthetics of a key residential corridor and preserve the historic character of the homes, while providing the updates today’s buyers want.”
The city’s Office of Housing and Neighborhood Services chose the West Washington corridor for development because of its relatively high traffic volume, high visibility and its proximity to other important economic development initiatives going on downtown, such as Harrison Square.
Improvements and repairs to the structures will include new roofs, new heating and cooling systems, restored exteriors, restored hardwood floors, updated mechanical systems and updated kitchen and baths. The restorations will conform to the federal and local historic district standards.
The federal funding will cover the difference between the cost to develop the homes and fair market value. The money that comes back into the program through the sale of the homes will be used for future projects to provide safe, affordable housing and improve local housing stock.
The homes will be listed for sale with prices anticipated to be between $90,000 and $125,000, but pricing will be based upon current fair market value of similar homes that have recently sold in the neighborhood. Belay will obtain ownership and then sell the properties to buyers who can afford the homes and who intend to live there for at least five years.
Belay Corp. has worked with the City’s Office of Housing and Neighborhood Services in the sister Neighborhood Stabilization Program that rehabilitated vacant and foreclosed homes and sold them to buyers who made them their primary residence. NSP homes’ values increased an average of 65 percent after going through the program’s rehabilitation.
Because of federal funding requirements, the buyers will need to have a household income at or below 80 percent of area median income, which is approximately $51,000 for a family of four.
West Central Neighborhood Association President Charlotte Weybright praised the City for working with developers to save and rehabilitate the historic homes.
“We are not only restoring old homes, we are restoring the confidence of our residents in their neighborhoods,” Mayor Henry said. “This project illustrates how our neighborhoods are being changed for the better, even during these tough economic times. It’s a perfect example of a Fort Wayne that is built for success!”
Belay Corp will host an Open House for West Central Neighborhood residents, prospective buyers and the general public from 5 to 7 p.m. today. People interested in finding out more about purchasing these homes should contact Belay Corp President Ric Zehr at 438-0412.
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(Photo attached: Mayor Henry with Charlotte Weybright, Ric Zehr)