LIMA, OH (WLIO) - Funding from the State of Ohio will be used to build new affordable housing in the City of Lima.
Empty lots could be developed in neighborhoods with dollars from the state's "Welcome Home Ohio" program. Lima Mayor Sharetta Smith says that a $720,000 grant will provide "gap" funding for developers looking to build on empty lots now owned by the city. The funds will help revitalize areas with up to 24 new or rehabbed homes. The program is promoting infield development to build on empty lots within current neighborhoods.
"With this program, we can contribute up to $30,000 per unit to help with the gap financing. The other thing about this program is that it is strictly for affordable housing. And so the home, once it's constructed or rehabbed, it has to be transferred to a person that is 80% AMI. They have to remain in the home for 5 years," explained Mayor Sharetta Smith, City of Lima.
If the home is sold within 20 years, it must be transferred to someone who is 80% AMI as well. The Lima Community Investment Corporation is working with the city on this project.
May 29, 2024, Press Release from the City of Lima: On Wednesday, May 29th, 2024, Mayor Sharetta Smith announced that the City of Lima and the Lima Community Improvement Corporation were awarded $720,000 through the Ohio Department of Development’s Welcome Home Ohio grant program. The awarded funds will be used to rehabilitate existing housing and construct new homes on some of the City’s Land Bank parcels.
A maximum of $30,000 can be applied to each qualified residential property. All properties must be owner-occupied for at least 5 years after the date of purchase, with the property owner’s annual income not exceeding 80% of the area median income ($67,750 for a family of 4 in Allen County, Ohio). Individuals purchasing the new and rehabilitated homes will also receive financial literacy training.
“We have spent a significant amount of resources removing blight that negatively impacts our neighborhoods,” states Mayor Sharetta Smith. “It is equally important that we also stay focused on rebuilding our neighborhoods. This program will add 24 additional homes over the next two years, and move us further toward achieving the goal of quality, affordable housing under the Better Together Plan.”
For more information on the Welcome Home Ohio program, visit: https://development.ohio.gov/community/redevelopment/welcomehome
