Neighbors Invest in Broadway
Slavic Village Development housing initiative in Cleveland, Ohio
Neighbors Invest in Broadway (NIB), a unique and innovative housing initiative conceived by Slavic Village Development, is a low cost housing sale and renovation program in which the emphasis is placed upon a modest, ‘decent, safe, and sanitary’ rehab standard. Buyers are encouraged to utilize sweat equity in order to keep costs low.
In 2006, the Broadway Slavic Village neighborhood was heavily hit by the foreclosure crisis. Zip code 44105 had more foreclosures than any other zip code in the nation and Slavic Village was deemed “ground zero”, left with over 1,200 vacant and distressed homes.
To date 36 homes have been acquired, repaired and sold, 22 of which are owner occupied. Over $350,000 has been saved in demolition costs, and $1,000,000 in private investment has been leveraged as a result of NIB.
• Saves homes that would have otherwise become vacant lots or substandard rentals
• Brings homes up to code
• Creates truly affordable ownership as well as home ownership pride and neighborhood confidence.
• Relies on “sweat equity” to drive down costs
• Give buyers maximum control
• Works in weak housing markets
• Utilizes deed restrictions and “breach clause” to ensure work is done in a timely fashion (developed by Cleveland State University Law Clinic)
• Discovered and captured a new target market in the Broadway Slavic Village neighborhood
• Creates new model and new conversation about how to develop affordable homeownership
• Combines savings in demo dollars & public subsidy and earns money for the CDC.