In 2009, CityWide and the Miller-Valentine Group raised funds to build the first new housing the Fairview neighborhood in decades. The Rising at Phoenix built 33 new single family homes on scattered sites throughout the Fairview neighborhood.
This program was made possible by an award of Low Income Housing Tax Credits through the Ohio Housing Finance Agency. This program raised private equity for affordable housing construction through the sale of tax credits.В The City of Dayton has invested HOME dollars in this effort as well.
Each of the 33 houses has four bedrooms, two full baths and a two-car detached garage. Homes are available in two-story and ranch floor plans with an average of 1450 square feet of living space. Construction was completed in the summer of 2010 and all houses are currently leased.
These homes are being made available to qualified residents through a вЂњlease-purchaseвЂќ program.В This concept is similar to other rent-to-own programs.В Miller-Valentine Group and CityWide will own and maintain these homes for the duration of the 15-year leases taken by the individual residents.В The residents who are occupying the home at the end of the 15th year will have the first opportunity to purchase the home at a below market value, based on the number of years during the 15-year period they occupied the home. This results in instant equity to the resident.
Miller-Valentine GroupвЂ™s residential property management company, MV Residential Property Management is responsible for leasing the new homes.В In addition, MV Residential Property Management takes care of all structural issues related to the property and appliance replacement, for the duration of the homesвЂ™ lease.
The new homes represent another opportunity for working families to achieveВ homeownership in the City of Dayton.