The partnership between Tremont West Development Corporation and Ohio City Incorporated will bring permanently affordable homes to the Near West Side of Cleveland
The Near West Land Trust, a collaboration of Tremont West Development Corporation and Ohio City Incorporated, will host a groundbreaking ceremony at 1:00 p.m. on Friday, March 19th at 1902 West 50th Street, the site of the first new construction home. The Near West Land Trust is a shared organization whose goal is to create permanently affordable housing in the Tremont and Ohio City neighborhoods.
The Near West Land Trust will create and preserve permanently affordable homeownership opportunities for low- and moderate-income families. Housing will be provided for individuals and families in the 60-120% range of Areawide Median Income, which translates to a family of four making less than $61,000 annually, for example.
The first new home at 1902 West 50th Street will be 1350 sf, with a full basement, will meet Energystar 2 standards, and will qualify for the City of Cleveland’s 15 year tax abatement program. Local builder Knez Homes will be the construction partner. The project is made possible by a partnership with the City of Cleveland and Councilman Kerry McCormack, who are providing land through the city’s land bank, as well as gap financing through the City’s Housing Trust Fund, as well as Enterprise Community Partners, whose seed funding allowed the Land Trust’s establishment. We look forward to building homes in partnership with Ward 12 Councilman, Anthony Brancatelli, and Ward 14 Councilwoman, Jasmin Santana, in the near future as well.
The community land trust model involves the nonprofit owning land and then leasing it at a minimal cost to those who live in housing built on that land. If homeowners in the land trust choose to resell their homes, they have to sell to moderate or low-income individuals or sell their home back to the land trust. Properties remain affordable by limiting the eventual sale price, with owners capturing 35% of increases in home equity at sale, while the remaining equity stays to keep the home affordable to the next buyer.
“Four years ago we made the decision to strategically reserve City land bank lots in the Near West Side neighborhoods of Ward 3 to ensure that the housing growth occurring remained balanced and equitable. I am thrilled to see that, through hard work, dedication and partnership, we are breaking ground on the first home that will bring permanent affordability to our community. Ensuring that we have quality housing options for people of all income levels is crucial to remaining a welcoming and successful community,” said Councilman Kerry McCormack.
“Building permanently affordable housing in the Ohio City and Tremont neighborhoods ensures that low and moderate income residents can enjoy the high quality amenities, and strong educational and employment opportunities in these rapidly gentrifying neighborhoods,” said Ben Trimble, Director of the Near West Land Trust.
“Tremont West is a proud partner in this endeavor to provide affordable homeownership opportunities in our communities,” said Cory Riordan, Executive Director for Tremont West Development Corporation. “It is one step in a multi-pronged approach to ensure that everyone has an opportunity to be a part of our dynamic, growing neighborhoods.”
Near West Land Trust will host a groundbreaking 1:00 p.m. on Friday, March 19, 2021 at 1902 W 50th Street. Distinguished guests include Ward 3 Councilman Kerry McCormack and Mark McDermott, VP & Market Leader of Enterprise Community Partners Ohio. We do ask that attendees wear face masks and practice social distancing.
About Tremont West Development Corporation
Tremont West Development Corporation, established in 1979, is a non-profit CDC whose mission is to create an inclusive community, build a unified neighborhood and promote Tremont as a unique destination. Tremont West serves the community members through neighborhood infrastructure improvements, retail assistance, home maintenance and repair, and event planning and management. For more information, visit www.experiencetremont.com.
About Ohio City Incorporated
Ohio City Incorporated (OCI) is the community development corporation responsible for preserving, promoting and developing the Ohio City neighborhood. OCI serves the community by providing assistance to both neighborhood residents and businesses and institutions through the vehicles of advocacy and engagement, community building, marketing, special events, neighborhood planning and housing assistance. Furthermore, OCI is engaged in tenant attraction and retention. The work of OCI is aimed at making Ohio City a vibrant and livable community. For more information visit www.ohiocity.com.