Affordable Housing Development
NeighborWorks Toledo has been engaged in the business of housing development/redevelopment since 1983. Our first purchase-rehab-resale project was the house located at 2356 Maplewood Avenue. This structure was completely rehabilitated at a total cost of $20,000. Since that time, NHST has been responsible for rehabilitating 60 units and 11 new single family houses, all sold to first time homebuyers. In addition, we provide financing and construction management to homebuyers who take on rehabilitation of their house at the time of purchase. This purchase-rehabilitation activity has been responsible for the rehabilitation of another 155 houses in the neighborhoods targeted by NHST.
In 2005 NTR and its partners were awarded a housing tax credit reservation by the Ohio Housing Development Agency (OHFA) for the South East Toledo Homes project. South East Toledo Homes had a total development cost of over $5.2 million and resulted in the construction of 28 new single family homes featuring affordable rent.
In 2006 NTR and its partners experienced a repeat with OHFA, receiving another set of housing tax credits for the South East Toledo Homes II project. South East Toledo Homes II will begin construction on additional 25 single family houses in the Fall of 2007 with a total development cost of over $5 million.
In 2009 NTR gathered with non-profit and for profit developers and other community stakeholders to create a consortium that prepared and submitted an application for funding to HUD for the Neighborhood Stabilization Program II (NSP II). The Toledo-Lucas County NSP II Consortium received a $10.2 million award that would be used to renovate 32 foreclosed homes, demolish 130 vacant structures and rebuild a major structure in downtown Toledo that would yield 120 mixed income housing units. NTRs’ share of this community goal was six homes acquired, renovated and resold.
In 2011 NTR partnered with Mercy St. Vincent Medical Center and the Cherry Street Legacy program to create a housing tax credit proposal known as Legacy Homes. In April 2012, NHST received a reservation of housing credits that would support the construction of 40 affordable single family homes in census tract 16, which is immediately west of St. Vincent’s campus.
In April NTR was awarded the 2015 Energy Star Award for Excellence in Affordable Housing the project yielded an average , HERS rating of 42. To learn more about HERS ratings click here.
NTR continues to research, design, develop and implement real estate development projects that will positively impact our communities.