The CORE Fund Residential Redevelopment Program (CFRRP) has been established through an investment by the Hamilton Community Foundation to:
• Eliminate blight to prevent and reverse neighborhood decline;
• Repopulate the urban core to grow the tax base and increase wealth and real estate values;
• Create a diverse and vibrant housing market, providing a mix of housing types and price ranges.
Recognizing the low percentage of owner occupied homes in key core residential districts and the complexity of redevelopment relative to traditional bank financing, the CFRRP provides acquisition and redevelopment funds for individuals willing to commit to a minimum 5 year residency requirement. This is not a grant program. Costs to acquire and improve properties will be approved under contract with the buyer and reimbursed to the CORE at the time of closing.
In selecting a project for redevelopment, the Board will consider whether the proposed project:
• has unique value leverage (i.e. low purchase price, unique architectural features, special conditions);
• is located in a targeted area for greatest impact;
• has an active, qualified and committed buyer.
The CFRRP is currently targeting the following National Register Historic Districts within the city limits of Hamilton, Ohio: German Village, Main-Rossville, and Dayton Lane Historic Area.
Any agreement to purchase a home from CORE requires a five-year commitment to own and occupy the home from the closing date. A potential buyer can follow one of two tracks to participate in our program:
1) Choose a property already owned by CORE.
2) Identify another property in one of CORE’s designated target areas for Board consideration pursuant to the criteria set forth in the language above.
Under both tracks, the buyer will need to go through the screening process and use CORE to develop plans, construction estimates, etc. Once qualification requirements are met and the redevelopment plans are finalized, the buyer has three options for the redevelopment:
A. Purchase the property outright prior to redevelopment, which would require a redevelopment agreement between CORE and the buyer with minimum investment, timing and residency requirements.
B. Request CORE contract with a third party contractor to perform the redevelopment.
C. Request CORE contract with CORE Building Services, LLC.
Either (B) or (C) will require a contract between CORE and the contractor as well as a contract between CORE and the buyer which sets forth the residency requirement, timing, improvement allowance and forgivable loan, if any.
In addition, by choosing option (C), we are able to increase the value proposition for potential buyers by utilizing CORE’s construction team. With no markups for their work, it’s dollar in, dollar out.
In order to purchase a home through CORE, you must be pre-qualified through:
Neighborhood Housing Services of Hamilton, Inc.
100 S. MLK Jr. Blvd
Hamilton, Ohio 45011
Phone: (513) 737-9301
Here is the documentation you will need to bring with you for your Pre-Qualification Appointment with an agent from NHS:
• Employment History: names, addresses, and phone numbers for the past 2 years.
• Federal Income Tax forms along with W-2's for 2 years (2012 & 2013) Signed & Dated.
• Discharge letter from Bankruptcy (Bankruptcy must be discharged 2 years from the discharged date) - if applicable.
• Proof of Income: Most recent 2 pay stubs, proof of pension or SS. If you are self-employed you will need 3 years of Federal
Income Tax Returns (including Profit & Loss Statements).
• Bank Account Statements (last 2 months).
• Driver's License or State I.D. card.
• Acceptable Debt to Income Ratios
• Verified Income
• Verified 2 year Income Tax Returns (3 years if self-employed)
• Verified 2 year consecutive Work History
• Acceptable Credit Scores
• Have filed bankruptcy within the last two years (starting from the date of discharge).
• Have not filed Federal Tax returns for the past two consecutive years.
• Have unpaid Federal and/or State Tax liens.
• Student Loans (Federally Funded) currently in collection or judgment status.
• Unpaid Child Support and/or Alimony (must be able to prove it is current).
• Unpaid Collections or Judgments on Credit Report.
Mark Murray is the senior project manager for the CFRRP. If you are interested in learning more about the program, want to tour a home, or you are ready to purchase a CORE house, please contact him at (513) 334-4565 or email him at email@example.com.