Saturday, April 15, 2000

Program receives $250M to help increase city's home ownership

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BY Robert Anglen
The Cincinnati Enquirer

        Cincinnati officials got more than they expected during Friday's announcement of a new program to help first-time home buyers — $100 million more.

Cincinnati Mayor Charlie Luken and Robin Pankey open the new Home Ownership Center. (Ernest Coleman photo) | ZOOM |

        Expecting $150 million from a private home-ownership alliance, city leaders were momentarily stunned when Freddie Mac Vice President Craig Nickerson said Cincinnati would get $250 million. Freddie Mac is a private institution formed by Congress in 1970 that buys mortgages.

        “My notes said we were going to get $150 million,” said City Manager John Shirey, who hours after the press conference was still shaking off his surprise. “We ended up with much more than that.”

        The money will be used primarily to offer affordable mortgages, low down payments and rehabilitation loans to Cincinnati home buyers.

        “We really want to elevate homeowners,” Mr. Nickerson said. “This is for first-time home buyers or those who have been shut out of the home-buying process because of poor credit or not enough down payment. We believe that home ownership con nects people with a neighborhood.”

WHERE TO GO

• What: The Home Ownership Center of Greater Cincinnati.         • Address: 2820 Vernon Place, Avondale. 961-2800.         • Mission: Offers assistance, training and counseling in obtaining home loans.

        The hub for this new housing money is an unassuming brick building in Avondale called the Home Ownership Center, which opened its doors Friday after a ribbon-cutting ceremony.

        One of only 17 in the nation, the center will help put people in touch with the money they need to buy or rehabilitate homes in the city. The center offers counseling and classes for buyers and works with several banks.

        Cincinnati has low home-ownership rate of 38 percent.

        Robin Pankey, who will move into a house next month in Kennedy Heights, said it wouldn't have been possible without help from center officials.

        “I looked to them for direction,” she said.

       

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