SHELBY — Interested in buying one of the new homes going up on Second Street in Shelby?
Grab your calendar and a pen (or your smart phone).
The Richland County Land Bank will host an informational meeting for prospective buyers on Oct. 3 at 10 a.m. at Shelby City Hall, located at 43 West Main Street.
The meeting will include information on construction timelines, buyer eligibility requirements and a detailed description of the homes. Lenders will be available to meet with potential homebuyers about their financing options.
Guests should come in through the Water Street entrance.
New homes funded through state Welcome Home program
The Richland County Land Bank is teaming with Community Building Partners to construct six new, single-family homes in Shelby, using funds from the Ohio Department of Development’s Welcome Home program.
One home will be constructed at 24 Oak Street. The others will be built on adjoining lots on the north end of Second Street.
The homes will be sold to income-eligible buyers for $200,000 each.
Each two-story home will be 1,300 square feet with three bedrooms and two bathrooms. The homes will come equipped with a washer, dryer, dishwasher, electric oven or range, refrigerator and microwave.
The homes will also have front porches, large unfinished basements and high-efficiency heating and cooling systems, according to the program’s website.
Since the homes are being funded in part with grant dollars, homebuyers must meet certain requirements.
Buyers can earn no more than 120 percent of the area median income (AMI) at the time of purchase.
AMI limits vary by household size. For example, a single-person household could earn no more than $77,760 annually to qualify. A three-person household could earn up to $99,960.
Prospective homeowners also need to get pre-approved for a mortgage of at least $200,000.
Buyers must commit to live in the home for at least three years and agree to a 15-year deed restriction. If the home is sold within 15 years of the initial purchase, the new buyer can earn no more than 120 percent of the area’s median income.
Buyers are also required to participate in a free, six-month financial literacy and home-ownership course. They cannot rent any portion of the home for three years after purchase.
Interested buyers can visit WelcomeHomeRichlandCounty.com for more information.
Welcome Home Ohio is a program through the Ohio Department of Development. It aims to help organizations statewide increase their community housing stock.
Welcome Home funding is meant to help offset the cost of development so homes can be sold to income-eligible buyers at an attainable price.
The lank bank ultimately awarded $602,000 in Welcome Home funds earlier this year.
