Sister Cities/Sister Strategies: Revitalizing Vacant Homes Two - PowerPoint PPT Presentation

Sister Cities/Sister Strategies: Revitalizing Vacant Homes Two Ways Trumbull County Land Bank & Trumbull Neighborhood Partnership

Creating Partnerships  The mission of the Trumbull  The mission of Trumbull County Land Reutilization Neighborhood Partnership Corporation (TCLRC) is to (TNP) is to empower return land and vacant residents and promote abandoned properties to sustainable community productive use, reduce blight, development through increase property values, projects and programs that support community land use increase the quality of life in goals, and improve the Warren's neighborhoods. quality of life for all county residents.

Strategic Acquisition  Private Donation  Forfeited Land List  NCST  Tax Foreclosure  CCRP  REO Properties

Intake Assessment

Land Bank Renovations - Deed in Escrow Program - Contractor Renovations - Building a Better Warren DREAM DESIGN BUILD - Nonprofit Partners

Deed in Escrow Program Developer Pricing Renovation Buyer Restrictions Renovation

 Detailed work plan and cost of rehab Buyer  Proof of financing Renovation  Timeline for completion  Provide intent of end use of property

• House is sold at a reduced price to the developer • Developer must have Developer experience Renovation • End Use  Developer is restricted to sell property to owner occupants  Must put property on the market with a real estate agent  Sale price of the property is mutually agreed upon prior to transfer of the property to the developer

Deed in Escrow Program Purchase Price: $6,500 Renovation Cost: $27,900 Market Value: $52,500

Residentia $2,300,000 l Property Sales Deed in Escrow Program $6,500,000 Private Investment

● CDBG, HOME, CHDO Renovation Funding ● FHLB ● Private funding sources ● Bank donations ● General fund

 Market in the neighborhood is able to sustain the cost of rehab  Bids are put out to pre-screened general Contractor contractors Renovation  Land Bank monitors renovations and Guidelines selection of materials  Upon completion properties are placed on the market with local realtors  Homes are restricted to owner occupants  Priced at or below market value

Building a Better Warren Logic Model Resources Activities Outcomes Impacts Place People & Place Place • Renovations • Perform general construction • Create new year round full-time work on rehab homes • Sustainable jobs fighting blight • Complete board ups of nuisance People and Place • Decrease housing vacancy levels properties economic in strategic neighborhoods • Post-Demolition Land Use • Rehabilitate and return vacant development • Trumbull • Plant trees on vacant lots homes to occupancy • Install pocket parks, orchards, through • Increased tax base Neighborhood community gardens and other • Improved quality of life food production sites employment Partnership • Increased sustainability • Maintenance • Increased access to healthy food • Mow and maintain lots left • Self-sufficiency for • Increased community assets empty by demolition • Trumbull individuals and • Deconstruction County Land • Identify and remove valuable People families materials with resale value before demolition • Reduced unemployment Reutilization • Public and private • 9 employees hired People Corporation • Reduced poverty investment • Provide training to employees in • Supportive Services high-demand industries • Community capital • Recruit residents to program • Assist employees in overcoming through partner organizations employment and family- and social inclusion • Provide employees with sustaining barriers necessary social services to succeed

Community Partnerships Habitat for Humanity Trumbull County Youth Build Trumbull Career and Technical Center TMHA United Returning Citizens & More

Interactive Renovation 15