Purchase Custom Rehab Program - New!
Buyers Wanted for West Central Homes
Fort Wayne, Ind. – The City’s Office of Housing and Neighborhood Services (OHNS) is seeking residents interested in buying a home in the West Central Neighborhood. The City owns seven blighted homes in the historic neighborhood; the homes will be rehabbed and offered for purchase to moderate- to middle-income residents.
Potential buyers will choose to work with approved City-registered developer who will purchase and rehabilitate the home to the City’s standards, with significant input from the buyer. The City will invest up to $3,500 in closing costs that must be matched dollar-for-dollar by the buyer, along with 5-year residential tax abatements. The buyer must contribute a minimum of $1,000 in closing costs and be willing to live in the property as their primary residence for a period of five years.
The addresses of the homes are: 1302 W. Jefferson Blvd., 1111 W. Jefferson Blvd., 815 W. Jefferson Blvd., 1025 Wilt St., 1222 Jackson St., 1121 Fulton St. and 1838 Broadway. The homes were purchased with the City’s Neighborhood Stabilization Program (NSP) funding through HUD allocations. Additionally, the recently purchased 1227 Kinsmoor has been added to the Program. The end result of the program will not just increase the value of homes being improved, but will positively impact property values for the entire neighborhood through increasing homeownership opportunities.
“These seven properties were not marketable because developers would have to spend more money than they would make in order to rehab and sell them,” said Heather Presley-Cowen, director for the Office of Housing and Neighborhood Services. “Our assistance will help turn previously blighted and vacant properties into neighborhood gems, as well as help raise appraised values in West Central.”
The City expects a financing gap between the final appraised value and the amount spent by the developer to rehab the home; that gap will be financed by the City up to 45 percent of the as-completed appraised value. A recent housing market potential study indicated an unmet demand for home ownership opportunities in this historic neighborhood adjacent to downtown. The City’s efforts will help fill this demand and stabilize property values.
Residents interested in purchasing one of the homes should contact the City's registered contractor, Ric Zehr of Belay Corporation, by calling (260) 438-0412.
For the Homebuyer Program Guidelines click here.
Many say these homes are too far gone and cannot believe restoration is in their future, even with the City’s help. We beg to differ. This isn’t the first time a program like this has existed. In fact, it was a couple of years ago that OHNS worked together with local developers to restore an entire block of homes in West Central. The next time you’re down town check out the 800 Block of Washington Boulevard. Most of that block was restored through a similar program and here are the pics to show what we did.
The attached plans & specifications are designed to show possible options for rehabilitation of the home and may show options that, while available, are not included in the base price of a home. Consult with the Office of Housing & Neighborhood Services for additional guidance and information. Please note that features, dimensions, and prices are subject to change without notice.
*“Pending” means a prospective buyer, who has applied to the City’s Program and has been confirmed as qualified for the Program, has identified this property as the one they would like to buy. OHNS will not finalize a property as having been “Sold” until it has received a formal purchase agreement from a registered developer on behalf of the prospective buyer.