Affordable Housing Development
Creating & Maintaining Affordable Housing
Our Real Estate Development division is mission-driven to perform all things development to create and maintain affordable rental and owner-occupied housing in targeted neighborhoods throughout the City of Toledo.
Our team of expert construction technicians and project managers creates more homes that are healthy, safe, quality, and affordable by renovating and updating existing homes and building new ones.
How do we do it?
We approach property development in several ways to ensure the greatest success in achieving our goal to expand the availability and number of quality and affordable homes.
Home Renovation
We acquire and redevelop single-family homes in targeted neighborhoods, focusing on new home ownership and neighborhood revitalization.
New Development
We work to identify new partners and development opportunities to provide new affordable housing units to the market.
Community Building
We work with neighbors and community partners to stabilize and rebuild our neighborhoods.
Homes for Sale
Our Real Estate Development team produces the highest quality homes, and we often have a home rehabilitation project in the works. We acquire homes and invest in them, making the repairs, updates, and renovations to get them back to top condition for sale on the market; often to first-time homeowners and graduates of our homebuyer education courses. This work accomplishes many of our main objectives including an increased number of available quality and affordable homes and more opportunities for homeownership.
Interested in purchasing one of our newly renovated homes?
See Our Past Work
Homes for Rent
Building affordable homes is consistent with our mission and has been one of our core areas of focus since early on.
Many of our rental homes were constructed through the low-income housing tax credit (LIHTC) program, which was created in as an indirect federal source of financing for the construction and rehabilitation of low-income affordable rental housing. Each of these units remain rent-restricted and affordable for low-income tenants for at least fifteen years after they are built.
While these properties are rentals, the real estate market and the buyer also benefit from a newer constructed property upon their sale later on.
Renters who desire to transition from renter to homeowner in 'Year 16,' can contact our Financial Wellness Center for further assistance and may qualify for additional resources for home updates or repairs upon purchasing their homes.
If you're interested in renting one of our more than 200 affordable rental homes, please contact Vistula Management at 419-724-5513 or find out more online.
