November 2000
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.
The program offers a $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 building may include up to four units. 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 program is administered by Northside Development Corporation, a non-profit housing corporation, and the university's Office of Human Resources.
As of Nov. 30, 2000, 62 homes have been purchased under the incentive program.
Number and percentage of homes purchased in each geographic area
Area A: 17, or 27%
Area B: 45, or 73%
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: $105,798
Median selling price: $ 87,950
Number of houses purchased for less than $100,000: 42, or 66%
$30,000 to $50,000: 3
$50,000 to $70,000: 11
$70,000 to $90,000: 19
$90,000 to $100,000: 9
Employees used more than 30 different lenders and no one lending company wrote more than five mortgages.
Types of homes
Single-family homes: 56
Doubles: 6
Characteristics of university employees who purchased homes
Race: White 56
Asian 1
African-American 1
Hispanic 1
Undisclosed 3
Male: 34
Female: 28
Highest Salary: $212,004
Lowest Salary: $ 17,742
Average Salary: $ 40,167
Median Salary: $ 34,896
Number of First Time Home Buyers: 46, or 73%
Employment category:
Faculty: 18, or 29%
Administrative and Professional: 25, or 40%
Sr. Adm. & Prof.: 3, or 5%
Classified Civil Service: 16, or 26%
Number who previously lived outside the University District: 43, or 68%
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