Housing Strategies
for Hamilton County
Community Building Institute
October 15, 2014
Our Panel for Today
• Peg Moertl, Senior Vice President PNC Bank
• Rick Williams, Director Homeownership Center
• Liz Blume, Director, Community Building Institute
• Special thanks to the Port Authority for sponsoring this
research
Communities
Housing Market
• 50,000 more housing units in County
than households (2010)
• Residential market has been
devalued by 22% between 2007 and
2012
• 19,772 Foreclosures in Hamilton
County between 2006 and 2012
(source:WIN)
• Demolished over 500 structures
(1,300 units)
Price Hill
Avondale
Strategy Recommendations
• Target blight removal
• Focus residential interventions
• Market to new homebuyers
• Stimulate private market lending
• Support existing homeowners
• Create catalytic projects
• Work with responsible rental property owners
• Support professional capacity in community
(CDCs – lead organizations – LISC - Port)
Community Types
1. Historic Neighborhoods
Avondale, Walnut Hills, Evanston
2. The North-Central cluster
N. College Hill, Mt. Healthy, Colerain Township
3. Communities approaching “healthy” markets
Northside, College Hill, Madisonville,
Fairfax, St. Bernard, Norwood
4. Price Hill
5. South Cumminsville
1. The Historic Neighborhoods
Avondale, Walnut Hills, Evanston
• Housing Characteristics
• Large historic units range from 2,000 to
4,000 sq ft.
• Property values from under $15,000 to
over $300,000
• Non-distressed homes in the $65,000 $120,000
• Renovation costs can be significant $100,000 - $200,000
• This is NOT affordable housing
Evanston
• Affordable housing in multi-family bldg.
and smaller single-families
• Encourage lending for purchase /rehab
above current market values
• Still almost 4,000 units to clear
• Other neighborhoods in the market niche
• Mt Auburn, North Avondale, Clifton
Walnut Hills
Strategies to stabilize
Remove blight
• Save what will attract new market
Market to homebuyers who can support mortgages over $200,000
Stimulate private lending
• Purchase/rehab products
• No income restrictions
• Secure loans over market value
Support existing homeowners
Work with responsible rental property owners
Create catalytic projects that instill confidence
• Renovate landmark and showcase properties
• Improve image in business districts
2. The North-Central Cluster
North College Hill, Mt. Healthy, Colerain Township
• Housing Characteristics
• Lots of solid single-family homes- the
“Murphy-built”
• 900 to 1,200 sf ft
• Wide range of building conditions and sale
prices
• Non-distressed properties in good condition
selling for $65,000 - $125,000
• Distressed properties selling for under
$35,000
• Renovation costs are manageable $10,000
- $50,000
• This IS affordable housing
• Still over 2,000 vacant units to clear
• Other communities in this market niche
• Springfield Township
North College Hill
Colerain Township
Strategies to stabilize
Remove blight
Market to next generation of homebuyers
• Good schools – parents – current renters
Stimulate private lending
• WIN and Homeownership Center support Mt. Healthy
• PWC and energy and emergency repairs
• Credit issues
Support existing homeowners
• Often seniors
Create catalytic projects that instill
confidence
• NCH – new housing options
• Mt. Healthy - Downtown improvements
3. Approaching Healthy Markets
Northside, College Hill, Madisonville, Fairfax, St. Bernard, Norwood
• Housing Characteristics
• Diverse housing stock with some large
historic properties,
• Housing built in 1940’s – 1960’s - our first
suburbs
• Units of between 1,500 and 2,000 sq ft
• Non-distressed properties selling between
$75,000 and $150,000
• Lots of distressed properties selling under
$40,000
Fairfax
• Renovation costs generally achievable
within or close to the current market sales
range
• Still over 4,000 vacant units to clear
• Other communities in this market niche
• Pleasant Ridge, Kennedy Hts.
• Silverton, Deer Park
Madisonville
Strategies to stabilize
Remove blight
• Could support in-fill development
• St Bernard and Northside seeing success
Market to the next generation of homebuyers
• Fairfax – Mariemont school families
• College Hill- new employees at Children’s
• Homesteading program to “clear” distressed units
Stimulate private lending
Support existing homeowners
• Aggressive code enforcement
• Senior homeowner supports
Create catalytic projects that instill confidence
• FBC in Madisonville and College Hill
4. Price Hill
• Housing Characteristics
• Lower Price Hill mostly a rental market
• East Price Hill historic and mostly single
family housing
• West Price Hill more typical first suburb
• Non-distressed units in good condition
selling at very low prices ($35,000 $60,000)
• Renovation costs often do not
approach the current market values
• Heavily impacted by foreclosure crisis
• Price Hill Will is creating comparable
sales above $100,000 throughout the
community
• Still over 3,000 vacant units to clear
West Price Hill
East Price Hill
Strategies to stabilize
Remove blight
• Target area north of Glenway
Market to the next generation of
homebuyers
• GREAT Bargains
• Parents in 14 public and private schools
East Price Hill
Stimulate private lending
• Work with WIN and Homeownership
center to grow homebuyers
• PHW is creating market comps over
$100,000 throughout
Support existing homeowners
• Significant loss of equity
Create catalytic projects that instill
confidence
• Targets at Incline and Cedar Grove
Work with solid rental property owners
• CMHA, Model, Local landlords
Lower Price Hill
5. South Cumminsville
• Housing Characteristics
• Small neighborhood of small single family
homes of 800 to 1000 sf ft
• WIN creating opportunities for low-income
homeownership
• Sales prices between $35,000 and $50,000
• Adjacent industrial uses create job
opportunities and environmental challenges
• Still over 100 units to clear
• Part of the Mill Creek Corridor
• Camp Washington, N. and S. Fairmont
S. Cumminsville
Strategies to stabilize
Remove blight
• Hillside slippage and highway
construction – taking units
Market to the next generation of
homebuyers
• Great opportunity for lowincome home buyers
Support existing homeowners
• WIN provides good support
Create catalytic projects that
instill confidence
• Focus on job creation in nearby
industrial areas
S. Cumminsville
Attracting the private market
• Identifying and connecting to new homebuyers
• MARKETING!!
• Developing private lending products for purchase/rehab
• No income restrictions
• Support with design and renovation
• Lending above current market
• Working with WIN, Homeownership Center to prepare new
homebuyers
• Credit issues
• Buyers in homes they can afford
• Homesteading Program
• Walnut Hills a great historic “pilot” community
• First suburbs
Housing Affordability
Community
Market Range
Income
Households
(Ham County)
Historic
$150,000$250,000
$50,000$75,000
60,000
“Murphy-builts”
$75,000$125,000
$35,000$50,000
45,500
First Suburbs
$100,000$200,000
$35,000$75,000
105,500
Price Hill
$35,000$75,000
$25,000$50,000
82,300
South Cummin.
$35,000$50,000
$25,000$35,000
36,000