August 25, 2016 - The City’s Office of Housing and Neighborhood Services (OHNS) has completed the first rehab of one of six West Central homes. News media were given a tour of the completely remodeled 1121 Fulton St. today.
The City purchased six vacant and abandoned homes in the historic neighborhood in 2014; all either have been or will be rehabilitated and offered for purchase to moderate- to middle-income residents. All buyers have had, or will have, significant input into the remodeling process so the homes can be customized to their preferences.
The addresses of the homes are: 1302 W. Jefferson Blvd., 1111 W. Jefferson Blvd., 815 W. Jefferson Blvd., 1025 Wilt St., 1222 Jackson St. and 1121 Fulton St. A recent housing market potential study indicated an unmet demand for home ownership opportunities in the historic West Central neighborhood adjacent to downtown. The City’s efforts will help fill this demand and stabilize property values.
“These properties were not marketable because developers would have to spend more money than they would make in order to rehab and sell them,” said Heather Presley-Cowen, director for the Office of Housing and Neighborhood Services. “Our assistance is helping turn previously blighted and vacant properties into neighborhood gems, as well as helping raise appraised values in West Central.”
Preston Allen Homes did the custom remodel and Belay Corporation was the developer for the 1121 Fulton St. home. The buyers are young professionals who wanted to purchase a home near downtown. The historic rehab included a new roof, new porch, remodeled kitchen and new heating and cooling units.
The City expects financing gaps between the final appraised values and the amount invested by the developer to rehab the homes; that gap will be financed by the City up to 45 percent of the as-completed appraised value. All funding for this program comes from the City’s allocation of U.S. Housing and Urban Development (HUD) dollars.
Two of the six homes may still be available. Interested residents should contact Ric Zehr of Belay Corporation at 260-489-7095 x.326.