Price Hill, in Cincinnati, was one of the hardest hit neighborhoods during the foreclosure crisis. One strategy Price Hill Will is using to address vacant homes is a pilot homesteading program, designed for Price Hill residents to become homeowners.
Read more in the WCPO article by Greg Paeth.
More about Homesteading, from Price Hill Will‘s website:
Not all homes are in need of a total rehab, and not all families are able to attain homeownership through the traditional path. Our homesteading program provides a new path to homeownership for people who might not be able qualify for a traditional mortgage, but who have renovation skills and are able to put in some sweat equity.
Through the program, Price Hill Will addresses homes that can’t be sold on the open market because they need substantial repairs. Homes that haven’t yet deteriorated to the point where they can be classified as a blight on the neighborhood, but would likely remain vacant and decay over the years until they are only fit to be torn down.
We bring them up to code, covering the most costly repairs, and then work with our partner organizations – Santa Maria Community Service and Catholic Charities of Southwest Ohio to match them with qualified families or individuals. With a minimum investment and some sweat equity, they will be able to put down roots in our great community. Prospective participants will be vetted and will receive training in home maintenance and financial management. They will have a five year land-contract for the homes, and will also create a work plan that they will be expected to complete within those five years, at which time they will assume full ownership of the home.
This program is still in the pilot phase, and details remain to be worked out as we work on our first home, which is in the Incline District. As we move forward, we expect to conform the details of each project to the needs of each family and each house.