Dayton, Ohio – Under the “Welcome Home Montgomery County” project, Dayton is poised to increase its initiatives to offer affordable accommodation with a major new plan. Originally starting with a $17 million budget, the project seeks to build and revitalize homes for the local workers, especially in areas needing redevelopment.
Starting in 2024 with a sizable $6.9 million grant from the state of Ohio, the first project was part of the more $17 million program run under Ohio’s Welcome Home initiative. All set for residents earning 80% or less of the average median income, the plan entails building 40 new homes and renovating 24 existing ones.
Senior advisor Mike Grauwelman of the Montgomery County Land Reutilization Corporation stressed the urgent demand for such projects. Grauwelman told Dayton Business Journal that there is a well-documented housing crisis in the local area and across the country, which highlights Montgomery County’s need to reinterpret its urban areas to attract new capital and population increase to compete.
Building on this basis, a suggested $9 million extension seeks to increase the scope of the project. This growth would support the building of 22 more houses and the renovation of another 12 buildings. The director for the city of Dayton, Steven Gondol, highlighted the wider effects of the initiative.
“The approach has as its ultimate goal to reengage markets lost to these neighborhoods due to disinvestment, predatory lending practices and functional obsolescence,” Gondol said, in a letter of support, as Dayton Business Journal reported. “The reuse of existing residential properties will impact neighborhood price and hope. It will also encourage reinvestment from existing residents.”
There are different kinds of financing for this big development. The Montgomery County Land Reutilization Corporation plans to apply for $3.5 million through the Dayton Regional Priority Development and Advocacy Committee (PDAC), which coordinates local priorities for state and federal funding. Under management by the Dayton Development Coalition, the PDAC guarantees community-led decision-making on grant distribution. The Montgomery County Land Bank, earnings from real estate sales, and community property donations will provide further financial help.
One of five review committees evaluates every proposal sent to the PDAC, then generates recommendations for the entire committee for ultimate approval. Should the request for money be approved, the Land Reutilization Corporation plans to utilize the $3.5 million over the following 6 to 12 months to advance projects of building and refurbishment.
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Aiming to build a more lively and economically safe community by better housing possibilities, this extension of the Welcome Home Montgomery County project indicates a proactive approach towards addressing the housing problem in Dayton.
