Evanston Featured as Success Story in New Regional Report on Neighborhoods
Business Courier publishes story on Federal Reserve Bank of Cleveland housing report
The Business Courier today reports that a newly released Community Stabilization Index report examining the impact of housing stabilization initiatives has identified the Evanston neighborhood as a shining example of successful partnership and investment. “Hard work is beginning to pay off,” the report said, citing a 25% increase in median property values in the past year – close to pre-recession levels, thanks in part to the public-private financing programs that have helped with rehabbing distressed properties. The story credits the Hamilton County Land Reutilization Corporation’s Rehab Across Cincinnati and Hamilton County (REACH) program that has rehabbed and sold 14 homes near the neighborhood’s Five Points commercial district and Walnut Hills High School for prices ranging from the first home sold at $79,900 to a recent sale of $214,900. REACH is a program to acquire and renovate vacant /blighted residential properties in target neighborhoods and sell them, leveraging public and philanthropic dollars available for neighborhood revitalization. The program’s impact attracts new residents, boosts long-stagnant home values, and increases the inventory of homes modernized to market standards.
According to Darin Hall, Port Authority Executive Vice President: “Through the Hamilton County Land Bank, the Port Authority has restored value to the Evanston housing market through the REACH program that takes vacant properties in a targeted area and completely rehabs them for sale. Without a land bank authority, the county’s only option for dealing with foreclosed land is to auction it off to the highest bidder. Instead of taking possession and reselling them as is, the Hamilton County Land Bank has invested more than $100,000 per property to bring them back to life.”
Read the Courier’s story here: http://www.bizjournals.com/cincinnati/news/2016/05/31/cincinnati-neighborhood-s-rebound-gets-attention.html