CLEVELAND — They're a big part of what makes this such a great place to call home. But some Clevelanders are now finding themselves priced out of the city's hottest neighborhoods.
On a vacant lot in the 1900 block of West 50th Street history will be made, and a promise kept.
"To bring affordable housing to the near west side," said Ben Trimble, Near West Community Land Trust.
On Friday, the Near West Community Land Trust, a partnership between Ohio City Incorporated and Tremont West Development Corporation, will break ground on its first new single-family home.
The construction is taking place in a zip code where similar properties are selling for double or even triple the price.
“Ohio City and Tremont have both seen skyrocketing real estate prices in the last decade,” said Trimble.
The goal is to sell the home at 1902 W. 50th Street, which is at under $150,000 to a qualified buyer.
“This will give housing to a range of incomes for families making $36,000-$80,000,” said Trimble.
Free land, along with funding from the city of Cleveland, is helping drive down costs of new construction.
“Most of these units will be under $200,000,” said Trimble.
Trimble said there is quite a bit of affordable housing in Cleveland, but the problem is they're typically run-down properties in need of repairs.
“We’re trying to build a better, really clean, safe, decent, sanitary house in a neighborhood people want to live in,” said Trimble.
The Near West Community Land Trust is setting out to build 10 new houses a year.
“We still have some work to do to create a pipeline of qualified buyers,” said Cory Riordan, Tremont West Development Corporation.
Since the newly formed organization owns the land, these homes will be permanently affordable, even when the original owner sells.
“There should be housing opportunities for folks of every income in our neighborhoods,” said Trimble.
