The Port Nabs Top International Economic Development Award
For Immediate Release:
Monday, September 26, 2022
“CARE Homes” Initiative Recognized as Innovative Housing Solution
Cincinnati, OH, September 26, 2022 - The International Economic Development Council (IEDC), the world's largest nonprofit association for economic developers, has selected The Port of Greater Cincinnati Development Authority (The Port) as one of its 2022 Excellence Award winners. The IEDC received more than 500 submissions from around the world for this year’s awards.
In the ‘Innovative Programs and Initiatives’ category, the IEDC named The Port a bronze award winner, specifically recognizing its CARE Homes initiative. The Port’s CARE Homes initiative (Creating Affordable Real Estate) launched in January 2022 when it acquired 194 single-family homes from an out-of-town investor to create a pathway to homeownership for the current rental tenants.
The Port has identified a troubling trend in the Greater Cincinnati housing market in which institutional, out-of-town investors are buying large numbers of single-family homes and turning them into high-priced rental properties. CARE is designed to help low-and moderate-income renters improve housing stability through opportunities for homeownership.
“We are honored and thrilled to be recognized by the IEDC for our CARE Homes initiative,” said Laura N. Brunner, President and CEO of The Port. “We believe we had a moral imperative to purchase properties whose occupants were frequently coping with increased rental rates, threats of eviction, and maintenance requests that were being ignored regularly. Thank you to the IEDC for further raising the profile of this very concerning trend in housing and our strategy to address it,” Brunner continued.
The Port is working closely with community and neighborhood support organizations to transition the current renter occupants into homeowners, creating what for many is their first opportunity for personal wealth creation through homeownership equity.
Recognized each year during the IEDC Annual Conference, the awards honor organizations for exemplary economic development projects and programs. 25 award categories honor organizations and individuals for their efforts in creating positive change in urban, suburban, & rural communities.
“This year's awardees exemplify the ingenuity, leadership, and determination needed to meet the challenges of today and the future,” said IEDC President and CEO Nathan Ohle. “The winners of IEDC’s Excellence in Economic Development awards represent the best of economic development and demonstrate the level of leadership that our profession strives for every day,” Ohle added.
About the International Economic Development Council:
The International Economic Development Council (IEDC) is a non-profit, non-partisan membership organization serving economic developers. With more than 4,800 members, IEDC is the largest organization of its kind. Economic developers promote economic well-being and quality of life for their communities by creating, retaining, and expanding jobs that facilitate growth, enhance wealth and provide a stable tax base. From public to private, rural to urban, and local to international, IEDC’s members engage in the full range of economic development practices. Given the breadth of economic development work, our members are employed in various settings, including local, state, provincial, and federal governments, public-private partnerships, chambers of commerce, universities, and a variety of other institutions. When we succeed, our members create high-quality jobs, develop vibrant communities, and improve the quality of life in their regions. Learn more at iedconline.org.
About The Port:
The Port was formed in 2001 to stimulate growth of the regional economy. Partnering with the City of Cincinnati and Hamilton County, the Port works to redevelop manufacturing and residential communities to build the foundation of job creation and livable, viable communities where residents can experience economic prosperity. For additional information, please visit http://www.cincinnatiport.org.
Visit The Port’s social media channels:
Facebook: https://www.facebook.com/CincinnatiPort/, @CincinnatiPort
Vice President of Communications and Marketing, The Port
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