November 2001
The University Neighborhood Revitalization Plan: Concept Document recommended that The Ohio State University develop a homeownership incentive program to encourage faculty and staff to purchase homes in the University District. As a result, The Ohio State University Faculty and Staff Neighborhood Homeownership Incentive Program was created, effective June 1, 1998.
As originally established, the program offered $3,000 in downpayment assistance in the form of a no-interest, forgivable loan to faculty and staff members to purchase homes and live in the University District. The purchaser must live in the house for five years, or repay a prorated portion of the $3,000. The University District is bounded by Fifth Avenue on the south, Glen Echo Ravine on the north, the Conrail tracks on the east and the Olentangy River on the west.
The total funding for the program was divided with approximately two-thirds of the funding targeted to Area A of the University District (see map) and approximately one-third of the funding targeted to Area B of the University District. As of Nov. 2, 2001, funding has been exhausted for the purchase of homes in Area B. No further applications are being taken for downpayment assistance for the purchase of homes in this area. Funding continues, however, for Area A.
The program is administered by Northside Development Corporation, a non-profit housing corporation, and the university's Office of Human Resources.
As of September 2001, 74 homes have been purchased under the incentive program.
Number and percentage of homes
purchased in each geographic area
Area A: 16, or 22%
Area B: 58 or 78%
Under terms of the program, two-thirds of the total funding is targeted to Area A, which includes the Weinland Park neighborhood and the central portion of the University District. One-third of the funding is designated to Area B, which includes the University District north of Norwich Avenue and the Dennison Place neighborhood in the southwest portion of the University District.
Purchase prices of homes
Highest priced home: $312,000
Lowest priced home: $33,000 (condominium)
Average selling price: $105,556
Median selling price: $89,450
Housing
affordability
Number of houses purchased for less than $50,000: 2, or 3%
$50,000 to $70,000: 11, or 15%
$70,000 to $90,000: 25, or 34%
$90,000 to $100,000: 10, or 14%
Total number of houses purchased for less than $100,000: 48, or 65%
Employees used more than 36 different lenders and no one lending company wrote more than 6 mortgages.
Types of homes
Single-family homes: 68
Doubles: 6
Characteristics of university
employees who purchased homes
White 59
Asian 1
African-American 2
Hispanic 1
Undisclosed 11
Male: 42
Female: 32
Highest Salary: $212,004
Lowest Salary: $17,742
Average Salary: $39,732
Median Salary: $34,950
Number of First Time Home Buyers: 55, or 74%
Faculty: 21, or 28%
Administrative and Professional: 29, or 39%
Sr. Adm. & Prof.: 5, or 7%
Classified Civil Service: 19, or 26%
Number who previously lived outside the University District:
54, or 73%Previous year's progress report
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