To help accelerate downtown revitalization and reduce the financial barriers to investing in the urban core, a public-private partnership consisting of the City, the Hamilton Community Foundation, and local lending institutions established CORE, which provides financial resources for qualified residential and commercial real estate projects within the urban core. By leveraging a multitude of financial tools into one powerful partnership, the CORE Fund is able to maximize results of strategic projects that will revitalize the city.
CORE or Consortium for Ongoing Reinvestment Efforts, was launched in December 2012 and provides the necessary capital to reduce financial risk and offer a strategic framework from which projects can be initiated. Established as a not-for-profit 501(c)(3), the CORE works with the City of Hamilton, the State of Ohio, and members of Hamilton’s corporate community to establish a model of excellence for Hamilton’s urban redevelopment.
The organization has been successful in 2015 when STARTEK (international call center company) chose 150 High Street for their 682 person call center. This important decision has allowed CORE to accelerate the redevelopment of their first and largest building acquisition. 150 High Street has been vacant since 2009. Now this building will have STARTEK's offices, InsideOut Studio, Joslin Diabetes Center, Kettering Health Network Physicians offices, and Jackson's Market and Deli.
CORE acquired a number of vacant and underutilized properties in 2015. Their focus in 2016 is making the properties weather-tight and selling them to private developers, homeowners, and businesses to help them get in productive use again. One major objective is the Main Street initiative, which the non-profit had made 5 purchases on key real estate. Once these real estates are developed, it can have a positive impact on Main Street.
CORE is a gap financing tool. The organization provides a short term loan to finance the difference between the floor loan and the maximum permanent loan commitment. CORE has a community of professionals to work with that assist in the implementation of your private development project. They have the ability to design, underwrite and guide selected neighborhood projects. CORE became an opportunity for Hamilton to invest in businesses development, employment opportunities, and increase owner-occupied housing.
CORE's mission: is to accelerate Hamilton's urban renaissance through targeted investments in real estate projects in the City's urban core.
The Need: CORE was developed because community leaders needed to combat community disinvestment, and expand economic opportunities for residents.
CORE works by:
CORE's objective: is to ensure that existing and future land use maintains or improves the environment of the city. CORE desires that every citizen gain from the social, economic and physical benefits of our objective.