CLEVELAND, June 1, 2021 – CHN Housing Partners, Burten, Bell, Carr Development, Inc. and Ward 6 Councilman Blaine Griffin announced a plan to build Larchmere Homes, a 30-unit affordable single-family development that offers chance for homeownership in the Buckeye and Larchmere neighborhoods as part of CHN’s nationally recognized Lease Purchase Program. CHN will also provide wrap-around services to development residents.
“We are thrilled to work with Burten, Bell, Carr and Councilman Griffin to offer homeownership opportunities in the Buckeye and Larchmere neighborhoods,” said Kevin J. Nowak, executive director of CHN Housing Partners.
Larchmere Homes is a 30-unit, single-family Lease Purchase development that will provide homes for families at or below 60% of the area median income. The development will contain 28 three-bedroom two-story homes and two three-bedroom single-story accessible homes. The homes will be built on vacant lots formerly held by the City and County land banks in the Buckeye and Larchmere neighborhoods on Cleveland’s east side.
“This development means quality, affordable new construction homes for neighborhood residents and puts the dream of homeownership within reach for 30 families,” said Ward 6 Councilman Blaine Griffin.
The Ohio Housing Finance Agency awarded Larchmere Homes a 2021 Low Income Housing Tax Credit (LIHTC) award, which is a critical component to CHN’s Lease Purchase Program, a 15-year pathway to homeownership for low-income families. Since 1987, CHN has developed more than 2,700 homes and created homeownership opportunities by successfully transferring more than 1,350 homes to income eligible buyers. Those who become homeowners through the Lease Purchase Program have a 98% success rate (remain in their homes at least five years after purchase).
“Our partnership with CHN allows us to bring an $8.5 million investment to the neighborhood that provides families with housing stability and the opportunity to thrive,” said Joy Johnson, executive director of Burten, Bell, Carr Development, Inc.
CHN’s service delivery program will provide tailored wrap-around services to resident families to help them improve their education, careers, and physical and financial health. The program will engage with the families to develop and pursue long term goals and support them with targeted services to help them progress to self-sufficiency and thrive.
Burten, Bell, Carr Development, Inc. (BBC) is a non-profit community development corporation named for three civic leaders who made a profound impact on our community, Lonnie Burten, James Bell, and Charles V. Carr. Burten, Bell, Carr Development, Inc. has been empowering residents and revitalizing blighted and underserved communities in Cleveland’s Central and Kinsman neighborhoods since its establishment in 1990. In 2018 BBC extended its service area to include the Buckeye-Shaker Square and Buckeye-Woodhill neighborhoods.